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11 Sep 2013
GBP/JPY eyes next upside target of 158.46 after convincing breakout
FXstreet.com (Barcelona) - The GBP/JPY has rallied through “correction support” at 155.81 like a hot knife through butter. Now, the overbought cross has traders eyeing next resistance just ahead at 158.46.
GBP/JPY up on decent British data and hawkish politicians and continued misery in Japan
Recently, we have seen the flow of British data remain fairly bullish and the flow of Japanese data remain fairly bearish (neutral at best). Add to that the fact that the British politicians were out in the press over the weekend spewing hawkish words and you get a GBP/JPY ripping through what previously seemed to be strong resistance.
Wednesday, GBP/JPY traders will get important British employment data and a speech from a member of Britain’s Monetary Policy Committee to help guide near term decisions.
Technical outlook for GBP/JPY
Technicians see the GBP/JPY testing 158.46 Fibonacci resistance and possibly moving up to the next Fibonacci line at 160.10. Support comes into play at around 156 and 154. The technicians say the play in GBP/JPY is to be buying dips to support.
GBP/JPY up on decent British data and hawkish politicians and continued misery in Japan
Recently, we have seen the flow of British data remain fairly bullish and the flow of Japanese data remain fairly bearish (neutral at best). Add to that the fact that the British politicians were out in the press over the weekend spewing hawkish words and you get a GBP/JPY ripping through what previously seemed to be strong resistance.
Wednesday, GBP/JPY traders will get important British employment data and a speech from a member of Britain’s Monetary Policy Committee to help guide near term decisions.
Technical outlook for GBP/JPY
Technicians see the GBP/JPY testing 158.46 Fibonacci resistance and possibly moving up to the next Fibonacci line at 160.10. Support comes into play at around 156 and 154. The technicians say the play in GBP/JPY is to be buying dips to support.