18 Nov 2013
GBP/JPY on track to reach projected upside target at 163.03
FXstreet.com (Barcelona) - GBP/JPY took out the previous high at 159.52 last week and has taken off to the upside. Nothing goes to the sky, but the GBP/JPY cross appears like it can make it up to the Elliott wave projected 163.
GBP/JPY traders will be focused on the “risk-on / risk-off” attitude Monday
GBP/JPY traders will be solely focused on the global attitude towards risk Monday as there is a dearth of news out of Britain and Japan today. The news flow will pick up Tuesday when the Japanese Coincident and Leading Economic Indices are released.
Technical outlook for GBP/JPY
Technicians say that GBP/JPY seems to be on a clear track to Elliott Wave projected resistance at 163.03. Support for the cross comes in at the September closing high of 159.46 and is backed up by the horizontal line created by last Wednesday’s lows at approximately 157.96.
GBP/JPY traders will be focused on the “risk-on / risk-off” attitude Monday
GBP/JPY traders will be solely focused on the global attitude towards risk Monday as there is a dearth of news out of Britain and Japan today. The news flow will pick up Tuesday when the Japanese Coincident and Leading Economic Indices are released.
Technical outlook for GBP/JPY
Technicians say that GBP/JPY seems to be on a clear track to Elliott Wave projected resistance at 163.03. Support for the cross comes in at the September closing high of 159.46 and is backed up by the horizontal line created by last Wednesday’s lows at approximately 157.96.