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25 Nov 2013
GBP/JPY, prints stellar 164.54 5-year highs
FXstreet.com (Chicago) - GBP/JPY seems to lose momentum after reaching 5-year highs around the 164.54 zone ahead of housing market data in the UK with closed markets in Tokyo during the Asian session.
Perspective
According to Jim Langlands from FXcharts, “In similar fashion to EUR/JPY, the cross looks as though it is potentially heading much higher, although this may be a 2014 move, or possibly one for Christmas to make sure that no-one is on it!. The dailies are becoming overbought but have strong positive momentum still and could make a run for resistance at 166.20 (50% of 215.84/116.83) and then to 167.95 (38.2% of 251.09/116.83).”
GBP/JPY Technical Levels
Technically speaking, the pair is offered at 164.42 and oscillates between the supports aligned at 160.83 (November 20th lows), 161.65 (November 18th highs) followed by 161.15 (May 1st highs 2009) and the resistances set at 165.40 (March 15th lows 2001), 167.93 (April 20th lows 2001) ahead of 169.48 (August 14th lows 2001). According to the FXstreet.com trend index on one-hour timeframe analysis, the pair is slightly bullish and navigates above the EMA20.
Perspective
According to Jim Langlands from FXcharts, “In similar fashion to EUR/JPY, the cross looks as though it is potentially heading much higher, although this may be a 2014 move, or possibly one for Christmas to make sure that no-one is on it!. The dailies are becoming overbought but have strong positive momentum still and could make a run for resistance at 166.20 (50% of 215.84/116.83) and then to 167.95 (38.2% of 251.09/116.83).”
GBP/JPY Technical Levels
Technically speaking, the pair is offered at 164.42 and oscillates between the supports aligned at 160.83 (November 20th lows), 161.65 (November 18th highs) followed by 161.15 (May 1st highs 2009) and the resistances set at 165.40 (March 15th lows 2001), 167.93 (April 20th lows 2001) ahead of 169.48 (August 14th lows 2001). According to the FXstreet.com trend index on one-hour timeframe analysis, the pair is slightly bullish and navigates above the EMA20.