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14 Aug 2013
GBP/JPY off fresh 2-week highs below 152
FXstreet.com (Barcelona) - The GBP/JPY foreign exchange cross rate is last trading at 151.68, off early NY session fresh 2-week highs at 152.15, up +1.66% for the week so far, mostly on the back of Yen weakness.
GBP/JPY suggesting a potential short term top
According to the FXMarketAlerts Team, the spike higher seen in early NY trade “just traded to tag 152/around the base of the mid-Jul top; GBP's well off that pm high, suggesting a potential s/t top, but this call weakens if/as the excess high fills. Fade back from 151.50 this pm. weakens (suggests that the Aug high test is a failure, for a return trade back into the s/t bracket,” the team added.
GBP/JPY key technical levels
Immediate support to the downside for GBP/JPY lies at current levels as August 02 highs 150.70, followed by August 06 highs at 150.51, and August 07/09 highs at 150.72/70. To the upside, closest resistance shows at early NY fresh 2-week highs 152.15, followed by July 22/23/25 lows at 152.30/22, and July 24 lows at 152.70.
GBP/JPY suggesting a potential short term top
According to the FXMarketAlerts Team, the spike higher seen in early NY trade “just traded to tag 152/around the base of the mid-Jul top; GBP's well off that pm high, suggesting a potential s/t top, but this call weakens if/as the excess high fills. Fade back from 151.50 this pm. weakens (suggests that the Aug high test is a failure, for a return trade back into the s/t bracket,” the team added.
GBP/JPY key technical levels
Immediate support to the downside for GBP/JPY lies at current levels as August 02 highs 150.70, followed by August 06 highs at 150.51, and August 07/09 highs at 150.72/70. To the upside, closest resistance shows at early NY fresh 2-week highs 152.15, followed by July 22/23/25 lows at 152.30/22, and July 24 lows at 152.70.