23 Aug 2013
GBP/JPY, bulls stampede bears; 154.10 zone surpassed at 10-week highs
FXstreet.com (Chicago) - GBP/JPY soared surpassing all set resistances to break out above 154.00 key psychological resistance at the opening of the Asian trading session.
Price action reveals highly bullish market participants, boosting the pound to 10-week records. At 154.16, the pair extends bullish rally after short retracement from 154.26 session highs. Facing the upside, resistance at 154.20 (June 7th highs), if broken, is followed by 154.40 (May 29th highs) and 154.61 (May 22nd highs). On the downside, supports are set at 154.00 (July 24th highs), 153.80 (July 25th highs) ahead of 153.60 (August 21st highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis.
Market participants wait for GDP data release later on Friday in the UK while in Japan the BoJ Governor is scheduled to talk at the Jackson Hole Symposium.
Price action reveals highly bullish market participants, boosting the pound to 10-week records. At 154.16, the pair extends bullish rally after short retracement from 154.26 session highs. Facing the upside, resistance at 154.20 (June 7th highs), if broken, is followed by 154.40 (May 29th highs) and 154.61 (May 22nd highs). On the downside, supports are set at 154.00 (July 24th highs), 153.80 (July 25th highs) ahead of 153.60 (August 21st highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis.
Market participants wait for GDP data release later on Friday in the UK while in Japan the BoJ Governor is scheduled to talk at the Jackson Hole Symposium.