27 Dec 2013
GBP/JPY testing next progress marker at 172.43; next up is 175.35
FXstreet.com (Barcelona) - GBP/JPY is pressing higher yet again – keeping in lock-step with the recent up trend and threatening to break through the 138.2% Fibonacci projection line at 172.43.
GBP/JPY traders digesting data from earlier today and looking towards 2014
After the batch of Japanese data released earlier Friday turned out to be net bearish for the Yen, the GBP/JPY proceeded to the upside once again. The next technical level of resistance at 172.43 was tested and has thus far held up. The GBP/JPY is overbought and could use some corrective action, but there’s no change in the relative strength of the two currencies in the near future as the Japanese are set on re-flating their economy and the British are sporting one of the strongest currencies around.
There’s no Japanese data due out next week, but the British will have potentially market-moving data releases on Monday, Thursday and Friday.
Technical outlook for GBP/JPY
Technicians say that GBP/JPY is testing the next upside target for the cross at 172.43. Above that, there’s really nothing to stop the cross from running to the next Fibonacci resistance at 175.35. Support for the cross comes into play at Monday’s low of 169.76 and is followed up by the 12/17 low at 166.57.
GBP/JPY traders digesting data from earlier today and looking towards 2014
After the batch of Japanese data released earlier Friday turned out to be net bearish for the Yen, the GBP/JPY proceeded to the upside once again. The next technical level of resistance at 172.43 was tested and has thus far held up. The GBP/JPY is overbought and could use some corrective action, but there’s no change in the relative strength of the two currencies in the near future as the Japanese are set on re-flating their economy and the British are sporting one of the strongest currencies around.
There’s no Japanese data due out next week, but the British will have potentially market-moving data releases on Monday, Thursday and Friday.
Technical outlook for GBP/JPY
Technicians say that GBP/JPY is testing the next upside target for the cross at 172.43. Above that, there’s really nothing to stop the cross from running to the next Fibonacci resistance at 175.35. Support for the cross comes into play at Monday’s low of 169.76 and is followed up by the 12/17 low at 166.57.