27 Nov 2013
Flash: The uptrend remains very much intact - ANZ
FXstreet.com (Barcelona) - The uptrend in GBP/JPY remains intact, notes Tim Riddell, Head of Global Markets Research at ANZ.
Key Quotes
"The renewed dynamism on the break above 160.00 and the upturn in weekly momentum indicators has pushed aside concerns that divergence could be a precursor of a bout of corrective slippage. The bias now is for a swift push to test the 1.6815 level (38.2% of the fall from 2007’s 251.15 high)."
"The style of any test of the 168.15 level will be seen as important, in that a sharp, well structured push to this level could be seen as building a platform for a larger move towards the upper retracement level of 184.00 (50% of the post 2007 range). A fall below 160.00 would undermine the current upside bias."
Key Quotes
"The renewed dynamism on the break above 160.00 and the upturn in weekly momentum indicators has pushed aside concerns that divergence could be a precursor of a bout of corrective slippage. The bias now is for a swift push to test the 1.6815 level (38.2% of the fall from 2007’s 251.15 high)."
"The style of any test of the 168.15 level will be seen as important, in that a sharp, well structured push to this level could be seen as building a platform for a larger move towards the upper retracement level of 184.00 (50% of the post 2007 range). A fall below 160.00 would undermine the current upside bias."