20 Jan 2015
GBP/JPY hits 1-week highs
FXStreet (Córdoba) - The recovery of the pound after falling sharply during the Asian session and a weak yen amid risk appetite pushed GBP/JPY to the strongest level in a week.
The pair opened the day trading around 177.60 and broke above 178.40, that was an important short term resistance and soared to 179.60, level last seen in January 13. From last week lows the pound has risen almost 400 pips.
GBP/JPY technical outlook
The pair continues to move within a bearish trend on a wider perspective but in the short term is moving with a bullish bias, on a recovery mode. Currently is testing an important resistance around 179.60/65 (Jan 15 high). The key short term support lies around 178.00, where an ascendant trendline originated at January 16 low stands.
The pair opened the day trading around 177.60 and broke above 178.40, that was an important short term resistance and soared to 179.60, level last seen in January 13. From last week lows the pound has risen almost 400 pips.
GBP/JPY technical outlook
The pair continues to move within a bearish trend on a wider perspective but in the short term is moving with a bullish bias, on a recovery mode. Currently is testing an important resistance around 179.60/65 (Jan 15 high). The key short term support lies around 178.00, where an ascendant trendline originated at January 16 low stands.