GBP/JPY again rejected from above 187.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 12, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - GBP/JPY is about to end the day modestly lower after being unable to hold above 187.00. The pair still holds a bullish tone in the medium term but is facing a strong resistance.

    GBP/JPY rises to 187.50/55

    The pair bottomed last Friday after the NFP at 184.20 but then rebounded. Since then is has risen constantly and today peaked at 187.52, approaching again to November highs that lie at 187.67.

    After finding resistance around 187.50 the pair pulled back and dropped under 187.00. Currently it trades at 186.75, modestly lower for the day.

    The pound still holds a bullish tone against the yen but in order to extend gains it needs to consolidate above 187.50, the mentioned area has been a strong resistance since September. A daily close on top would be the highest tin months and it would leave the way open for more gains.
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