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18 Dec 2013
GBP/JPY clashes resistances; back above 1.69
FXstreet.com (Chicago) - GBP/JPY has been able to extend a formidable rise that continues breaking through previously established resistances.
As the yen weakens among rumors of what the Fed will do next in regards to its monetary policy to boost the US economy, the pound accelerates motors and continues setting daily records. After breaking two previously established limits, the pair remains within the bullish channel and above the upward trendline that originated yesterday.
GBP/JPY Technical Levels
Technically speaking, the pair is offered at 169.08 and retraces after reaching weekly highs at 169.16. On the downside, supports are aligned at 168.88 (December 12th highs), 168.41 (December 16th highs) followed by 167.34 (December 16th lows) while the upside prints resistances at 169.35 (December 12th highs), 169.77 (December 13th highs) ahead of 170 (December 10th highs). According to the FXstreet.com trend index on one-hour timeframe analysis, the pair is slightly bullish and remains above the EMA20.
As the yen weakens among rumors of what the Fed will do next in regards to its monetary policy to boost the US economy, the pound accelerates motors and continues setting daily records. After breaking two previously established limits, the pair remains within the bullish channel and above the upward trendline that originated yesterday.
GBP/JPY Technical Levels
Technically speaking, the pair is offered at 169.08 and retraces after reaching weekly highs at 169.16. On the downside, supports are aligned at 168.88 (December 12th highs), 168.41 (December 16th highs) followed by 167.34 (December 16th lows) while the upside prints resistances at 169.35 (December 12th highs), 169.77 (December 13th highs) ahead of 170 (December 10th highs). According to the FXstreet.com trend index on one-hour timeframe analysis, the pair is slightly bullish and remains above the EMA20.