21 Jan 2014
GBP/JPY fails to hold above 172.00
FXstreet.com (Córdoba) - The GBP/JPY rose on Tuesday and finished hovering around 171.85, posting the highest daily close since January 9th, but finished far from the highs.
During the Asian session gained momentum after breaking above an important short-term resistance located around 171.80 and reached on European hours at 172.35, the highest price in a week. But a stronger Yen in the second half of the day, pushed the GBP/JPY back below 172.00, falling to 171.30 but bounced to the upside, to finish the day with some upside momentum, trading around 171.85.
GBP/JPY looking to the upside
Despite the retracement in the GBP/JPY around Tuesday's Wall Street opening and the fact that so far it has been unable to hold above 172.00, Cable is breaking to the upside a trading range that was established last Wednesday.
In the last few days the pair traded between 171.80 and 170.20, until yesterday when it broke to the upside, giving momentum to the Pound.
During the Asian session gained momentum after breaking above an important short-term resistance located around 171.80 and reached on European hours at 172.35, the highest price in a week. But a stronger Yen in the second half of the day, pushed the GBP/JPY back below 172.00, falling to 171.30 but bounced to the upside, to finish the day with some upside momentum, trading around 171.85.
GBP/JPY looking to the upside
Despite the retracement in the GBP/JPY around Tuesday's Wall Street opening and the fact that so far it has been unable to hold above 172.00, Cable is breaking to the upside a trading range that was established last Wednesday.
In the last few days the pair traded between 171.80 and 170.20, until yesterday when it broke to the upside, giving momentum to the Pound.