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25 Nov 2013
GBP/JPY closes week above LT key level of 163.52; bears running for cover
FXstreet.com (Barcelona) - GBP/JPY posts a convincing weekly close above long-term “correction support” at 163.52. Technicians now call the GBP/JPY chart an ideal “buy the dips” chart.
GBP/JPY traders waiting for Kuroda speech and British data
GBP/JPY traders will continue to ride the momentum train higher unless the Bak of Japan’s Kuroda surprises everyone with hawkish talk when he speaks shortly. Later in the session, British mortgage approvals and lending data may have an influence on the cross.
Technical outlook for GBP/JPY
Technicians say that GBP/JPY has convincingly broken out (on a daily and now weekly basis) above “correction resistance” at 163.52. They say that resistance is critical on a monthly closing basis and that a failure to hold above that level into this week’s close would raise the confidence of the remaining bears. Support on any pullback comes in at the breakout point (created by the 8/2009 high) at 162.99 and is followed by last Tuesday’s low at 160.69.
GBP/JPY traders waiting for Kuroda speech and British data
GBP/JPY traders will continue to ride the momentum train higher unless the Bak of Japan’s Kuroda surprises everyone with hawkish talk when he speaks shortly. Later in the session, British mortgage approvals and lending data may have an influence on the cross.
Technical outlook for GBP/JPY
Technicians say that GBP/JPY has convincingly broken out (on a daily and now weekly basis) above “correction resistance” at 163.52. They say that resistance is critical on a monthly closing basis and that a failure to hold above that level into this week’s close would raise the confidence of the remaining bears. Support on any pullback comes in at the breakout point (created by the 8/2009 high) at 162.99 and is followed by last Tuesday’s low at 160.69.