22 Nov 2013
GBP/JPY just above LT key level of 163.52; a monthly close above it signals “all clear” for bulls
FXstreet.com (Barcelona) - GBP/JPY has been slicing through multiple resistance levels – including the LT key “correction resistance” level of 163.52. If it can close the month above that level, the bulls will have scored a major win.
GBP/JPY traders will be watching BOJ data due out later as well as the technicals
GBP/JPY traders won’t get any British data Friday, so they will have to focus all their attention on the Bank of Japan’s Monthly Economic Survey in addition to the all-important technical forces surrounding the cross.
Technical outlook for GBP/JPY
Technicians say that GBP/JPY may be on the verge of a very important long-term breakout 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 next week’s close would raise the confidence of the remaining bears. Support on any pullback comes in at the 9/19 high of 159.97 and is followed by the 10/9 low of 154.71.
GBP/JPY traders will be watching BOJ data due out later as well as the technicals
GBP/JPY traders won’t get any British data Friday, so they will have to focus all their attention on the Bank of Japan’s Monthly Economic Survey in addition to the all-important technical forces surrounding the cross.
Technical outlook for GBP/JPY
Technicians say that GBP/JPY may be on the verge of a very important long-term breakout 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 next week’s close would raise the confidence of the remaining bears. Support on any pullback comes in at the 9/19 high of 159.97 and is followed by the 10/9 low of 154.71.