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31 Jul 2014
GBP/JPY bulls have scooped handsome profit
FXStreet (Moscow) - GBP/JPY retraced from Wednesday's high at 174.23 and settled at 173.87 as traders take profits from their long positions
Things are looking up for GBP/JPY bulls
GBP/JPY is another JPY cross that rushed much higher after a prolonged period of consolidation. GBP/USD is pressed to the downside, but the criss is driven by JPY weakness across the board, induced by better risk profile and darkened economic horizon of Japan. Abenomics cricks and cracks, The Japanese are disappointed with their Prime Minister, while economic recovery benefits are lopsided. Thus, JPY has a good bearish potential, which might be partially counteracted by GBP weakness across the board. The initial resistance is seen at 174.00, while the support comes at 173.50.
What price levels and patterns have to be considered?
Spot is presently trading at 173.87, and next resistance can be seen at 174.00 (Daily High), 174.23 (Yesterday's High), 174.25 (Weekly Classic R3), 174.42 (Daily Classic R1) and 174.99 (Daily Classic R2).
Support below can be found at 173.87 (Weekly Classic R2), 173.86 (Weekly High), 173.86 (Daily Open), 173.83 (Daily Low) and 173.70 (Hourly 20 EMA).
Things are looking up for GBP/JPY bulls
GBP/JPY is another JPY cross that rushed much higher after a prolonged period of consolidation. GBP/USD is pressed to the downside, but the criss is driven by JPY weakness across the board, induced by better risk profile and darkened economic horizon of Japan. Abenomics cricks and cracks, The Japanese are disappointed with their Prime Minister, while economic recovery benefits are lopsided. Thus, JPY has a good bearish potential, which might be partially counteracted by GBP weakness across the board. The initial resistance is seen at 174.00, while the support comes at 173.50.
What price levels and patterns have to be considered?
Spot is presently trading at 173.87, and next resistance can be seen at 174.00 (Daily High), 174.23 (Yesterday's High), 174.25 (Weekly Classic R3), 174.42 (Daily Classic R1) and 174.99 (Daily Classic R2).
Support below can be found at 173.87 (Weekly Classic R2), 173.86 (Weekly High), 173.86 (Daily Open), 173.83 (Daily Low) and 173.70 (Hourly 20 EMA).