19 Nov 2013
GBP/JPY 4-year highs sustained; retakes 161
FXstreet.com (Chicago) - GBP/JPY flies to the 161.00 zone at Tokyo’s opening breaking the short-term downward trendline that started after the retracement from 4-year highs at 161.30 earlier in the day.
GBP/JPY Technical Levels
Technically speaking, the pair is offered at 160.86 and oscillates between the supports aligned at 160 (September 29th highs), 159.20 (November 7th highs) ahead of 158.31 (November 10th lows) and the resistances aligned at 161.15 (November 14th highs), 161.65 (November 15th highs) followed by 162.67 (June 16th highs 2009). Trading around the 23.6% Fibonacci level (157.80/161.70), the pair extends retracement from session highs close to the 161.70 zone. According to the FXstreet.com trend index on one-hour timeframe analysis, the pair is strongly bearish and navigates below the EMA20.
GBP/JPY Technical Levels
Technically speaking, the pair is offered at 160.86 and oscillates between the supports aligned at 160 (September 29th highs), 159.20 (November 7th highs) ahead of 158.31 (November 10th lows) and the resistances aligned at 161.15 (November 14th highs), 161.65 (November 15th highs) followed by 162.67 (June 16th highs 2009). Trading around the 23.6% Fibonacci level (157.80/161.70), the pair extends retracement from session highs close to the 161.70 zone. According to the FXstreet.com trend index on one-hour timeframe analysis, the pair is strongly bearish and navigates below the EMA20.