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GBP/JPY rises to 4-week highs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 19, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - The pound is among the top performers on Monday and is rising across the board. GBP/JPY recently reached a fresh high at 185.10 but it failed so far to rally above and pulled back modestly.

    GBP/JPY breaks previous highs

    The pair opened the week with a bearish gap, trading at 183.80 but quickly bouced to the upside and filled the gap. In continued to rise and then accelerated as the pound strengthened in the market.

    After breaking above 184.75 (last week highs) rose to 185.10. Then pulled back to 184.65. Currently it trades at 184.90, 50 pips above Friday’s closing price.

    GBP/JPY technical levels

    To the upside, resistance levels could be located at 185.10 (daily high), 185.70 and 185.90. On the opposite direction support might lie at 184.70, 184.50 (hourly 20 MA) and 183.75/80 (daily low).
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