14 Nov 2013
GBP/JPY on the verge of a breakout above 159.52 –the door to more upside
FXstreet.com (Barcelona) - GBP/JPY could be ready to take off to the upside IF the 10/22 intraday high of 159.52 can be conquered.
GBP/JPY traders will be focused on the British data Thursday
In addition to the general risk attitude of investors (which will push money out of or into the Yen), GBP/JPY traders will be closely monitoring the release of the British Retail Sales data during the European session.
Technical outlook for GBP/JPY
Technicians say that GBP/JPY looks like it may break and close above the 10/22 peak of 159.52 which is the key short-term resistance level. A break above that level will lead to a quick test of the 10/1 intraday high of 159.93. Support for the cross comes in at the horizontal line created by Tuesday and Wednesday’s lows at approximately 158. A break below that level would lead to a test of the 11/1 close at 157.15.
GBP/JPY traders will be focused on the British data Thursday
In addition to the general risk attitude of investors (which will push money out of or into the Yen), GBP/JPY traders will be closely monitoring the release of the British Retail Sales data during the European session.
Technical outlook for GBP/JPY
Technicians say that GBP/JPY looks like it may break and close above the 10/22 peak of 159.52 which is the key short-term resistance level. A break above that level will lead to a quick test of the 10/1 intraday high of 159.93. Support for the cross comes in at the horizontal line created by Tuesday and Wednesday’s lows at approximately 158. A break below that level would lead to a test of the 11/1 close at 157.15.