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17 Feb 2014
GBP/JPY hits fresh 2-week highs, eyes 171.00
FXStreet (Córdoba) - The GBP/JPY broke above 170.60 and climbed to 170.91, reaching the highest price since January 29. The pair started the week moving to the downside and bottomed after the release of economic data from Japan at 168.90. Afterwards rebounded and broke above the 170.60 (February 14 highs).
Technical outlook for the GBP/JPY
Cable continues to move with an upside bias against the Yen in the short-term and is headed toward the fifth daily gain in a row, extending the recovery after falling at the beginning of the month to 163.80.
To the upside, immediate resistance might lie at 171.00 and above at 171.50. “The daily cloud top is at 171.50 which should be strong resistance at the first attempt”, says Jim Langlands, from FX Charts.
To the downside according to Langlands the GBP/JPY has support at 169.50 and it could be a buy opportunity. “Below 169.50 though would be a concern and could bring a deeper correction towards 169.00 and possibly to 168.00”.
Technical outlook for the GBP/JPY
Cable continues to move with an upside bias against the Yen in the short-term and is headed toward the fifth daily gain in a row, extending the recovery after falling at the beginning of the month to 163.80.
To the upside, immediate resistance might lie at 171.00 and above at 171.50. “The daily cloud top is at 171.50 which should be strong resistance at the first attempt”, says Jim Langlands, from FX Charts.
To the downside according to Langlands the GBP/JPY has support at 169.50 and it could be a buy opportunity. “Below 169.50 though would be a concern and could bring a deeper correction towards 169.00 and possibly to 168.00”.