3 Feb 2014
GBP/JPY testing levels on top of 168.00
FXstreet.com (Córdoba) - The GBP/JPY is attempting to hold above 168.00, moving higher at the beginning of the week, as the Yen weakens across the board. Earlier, the pair started the week trading at the lowest level in six weeks at 167.30 but rebounded and rose peaking at 168.20.
Outlook for the GBP/JPY
Regarding the outlook for the GBP/JPY, Jim Langlands affirms: “Most of the Yen crosses look similar and Gbp/Jpy seems as though it has the momentum to head a bit lower in the days ahead although we are heading into support at around 167.00/10 (167.10: 38.2% of 154.72/174.83), a break of which would suggest 166.57 (17 Dec low) and then 165.86 (5 Dec low) ahead of the 50% pivot of the whole move up at 164.80”.
According to Langlads, the resistance levels to watch lie at 168.50 and above here at 169.25. “ If seen in the next couple of days, which I doubt, but they would I think be selling opportunities as we look for another leg lower”.
Outlook for the GBP/JPY
Regarding the outlook for the GBP/JPY, Jim Langlands affirms: “Most of the Yen crosses look similar and Gbp/Jpy seems as though it has the momentum to head a bit lower in the days ahead although we are heading into support at around 167.00/10 (167.10: 38.2% of 154.72/174.83), a break of which would suggest 166.57 (17 Dec low) and then 165.86 (5 Dec low) ahead of the 50% pivot of the whole move up at 164.80”.
According to Langlads, the resistance levels to watch lie at 168.50 and above here at 169.25. “ If seen in the next couple of days, which I doubt, but they would I think be selling opportunities as we look for another leg lower”.