21 Jan 2014
GBP/JPY remains sideways, in a 170-pip range
FXstreet.com (Córdoba) - The GBP/JPY finished flat on Monday, hovering around 171.10. During the Asian session the pair bottomed at 170.30 but bounce to the upside and reached 171.50 (January 20 high). Early in Asia, the pair is attempting to hold above 171.00 as it moves aways from recent highs probable affected by Nikkei futures, that point toward a negative opening for stocks in Japan.
Technical outlook for the GBP/JPY
During Monday the pair moved sideways as it holds inside a range since last Tuesday. The range offers support above 170.00 and resistance around 171.80. A break of the mentioned levels could trigger an acceleration in price action.
Above 171.70, the next resistance could be located at 172.20 (January 9 low, January 6 high) and above at 173.00 (January 9, 10 high). To the downside, before 170.00 support might be located at 170.70 (European session low) and 170.15 (January 16, 17 low).
Technical outlook for the GBP/JPY
During Monday the pair moved sideways as it holds inside a range since last Tuesday. The range offers support above 170.00 and resistance around 171.80. A break of the mentioned levels could trigger an acceleration in price action.
Above 171.70, the next resistance could be located at 172.20 (January 9 low, January 6 high) and above at 173.00 (January 9, 10 high). To the downside, before 170.00 support might be located at 170.70 (European session low) and 170.15 (January 16, 17 low).