GBP/JPY: Phase of decline to extend on failure to defend support at 182 – SocGen

GBP/JPY is at intermittent support of 182 representing the trend line drawn since May. Economists at Société Générale analyze the pair’s outlook. 

Recent pivot high at 184.20 is near term hurdle

Daily MACD has dipped below the equilibrium line denoting prevalence of steady downward momentum. 

In case the pair fails to defend support at 182, the phase of decline could extend. Next potential objectives could be at 180.30 and July low of 176.30. 

Recent pivot high at 184.20 is near term hurdle.