9 Dec 2013
Flash: GBP/JPY remains a buy – UBS
FXstreet.com (Edinburgh) - Strategists at the Swiss lender UBS remains bullish on the cross, suggesting at the same time add too current long positions with a target of 183.90.
Key Quotes
“Significantly, strength on Friday and so far this morning is turning momentum tools higher, with an upside cross likely on a close above 169.00 today”.
“This would be important, as the MACD and the price pattern of higher highs and higher lows continue to point to a bull trend. A close above 169.00 would trigger a fresh bullish extension”.
“We will recommend increasing GBP/JPY longs on a close above 169.00, still targeting 183.90, just under the 50% retracement of the 2007-2011 bear trade”.
Key Quotes
“Significantly, strength on Friday and so far this morning is turning momentum tools higher, with an upside cross likely on a close above 169.00 today”.
“This would be important, as the MACD and the price pattern of higher highs and higher lows continue to point to a bull trend. A close above 169.00 would trigger a fresh bullish extension”.
“We will recommend increasing GBP/JPY longs on a close above 169.00, still targeting 183.90, just under the 50% retracement of the 2007-2011 bear trade”.