21 Nov 2013
GBP/JPY climbs to 5-year summit at 163.54
FXstreet.com (Chicago) - GBP/JPY recently reached 5-year highs after market participants continue fueling the pound to higher levels of performance and the yen recovers from the weakening of its value on the BoJ decisions to maintain interest rates unchanged.
So far, the pair advances the most among currencies and prints 1.48% gains erasing previous weekly losses for a total accumulation of 3.11% monthly wins.
GBP/JPY Technical Levels
Price action reveals a strong bullish rally that sends the pair to 5-year highs printing higher highs and lows and reaching 163.54 peaks. Now offered at 163.47, the pair oscillates between the supports aligned at 160.83 (November 20th lows), 161.65 (November 18th highs) followed by 161.15 (May 1st highs 2009) and the resistances set at 165.40 (March 15th lows 2001), 167.93 (April 20th lows 2001) ahead of 169.48 (August 14th lows 2001). According to the FXstreet.com trend index on one-hour timeframe analysis, the pair is slightly bullish and navigates above the EMA20.
So far, the pair advances the most among currencies and prints 1.48% gains erasing previous weekly losses for a total accumulation of 3.11% monthly wins.
GBP/JPY Technical Levels
Price action reveals a strong bullish rally that sends the pair to 5-year highs printing higher highs and lows and reaching 163.54 peaks. Now offered at 163.47, the pair oscillates between the supports aligned at 160.83 (November 20th lows), 161.65 (November 18th highs) followed by 161.15 (May 1st highs 2009) and the resistances set at 165.40 (March 15th lows 2001), 167.93 (April 20th lows 2001) ahead of 169.48 (August 14th lows 2001). According to the FXstreet.com trend index on one-hour timeframe analysis, the pair is slightly bullish and navigates above the EMA20.