GBPJPY: Price action and potential setups

GBPJPY remains choppy from a price action perspective with higher highs followed up by lower lows. Much like USDJPY both bulls and bears seem to lack conviction at this stage with the descending trendline growing more vulnerable with each retest.

As its stands and barring any intervention a break above the trendline is growing more and likely as the 100-day MA provides support to the downside. resting around the 181.774 mark.

Key Levels to Keep an Eye On:

Support levels:
181.77
180.00
178.33

Resistance levels:
183.00
184.06
186.72