2 Dec 2013
GBP/JPY witch plenty of room to the upside
FXstreet.com (Barcelona) - GBP/JPY has been able to claim new trend highs in early Asia, topping out just shy of 168.00 before a flat start in the Nikkei led to a slight retracement back to 167.80 as demand dried up.
In view of Jim Langlands, Founder at FXCharts: "The longer term indicators though suggest that GBP/JPY will eventually give way, in which case we should look for a run towards 170.00 and potentially to much higher levels towards 177.00 and possibly higher."
Looking at key levels in case that a pullbacks manifests, Jim sees "support levels at 163.35 and then at 161.85 and at 159.80", adding that "it could be quite a volatile period as we run into Christmas and the dips could be deep."
In the longer term, Jim sees the move higher "as though it has plenty of room left and that dips will provide buying opportunities."
In view of Jim Langlands, Founder at FXCharts: "The longer term indicators though suggest that GBP/JPY will eventually give way, in which case we should look for a run towards 170.00 and potentially to much higher levels towards 177.00 and possibly higher."
Looking at key levels in case that a pullbacks manifests, Jim sees "support levels at 163.35 and then at 161.85 and at 159.80", adding that "it could be quite a volatile period as we run into Christmas and the dips could be deep."
In the longer term, Jim sees the move higher "as though it has plenty of room left and that dips will provide buying opportunities."