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28 Nov 2013
GBP/JPY sprints to 166.55 5-year highs
FXstreet.com (Chicago) - GBP/JPY continues outweighing the yen and strengthens considerably putting high pressure to the bears who, mercilessly, watch the bulls have a feast ahead of Tokyo’s opening.
GBP/JPY Technical Levels
Price action reveals the pair sprints to 5-year highs extending the strong rally that started on January 1st 2012’s reversal day. With a very steep line that continues edging higher, the pair soars to 166.55 and retraces minimally. Now offered at 166.48, the pair navigates between the supports aligned at 165.40 (November 24th highs), 163.49 (November 22nd lows) ahead of 161.65 (November 15th highs) and the resistances set at 167.93 (June 2001 lows), 169.48 (July 2001 lows) followed by 171.23 (March 2001 lows). According to the FXstreet.com trend index on one-hour timeframe analysis, the pair is slightly bullish and navigates above the EMA20.
GBP/JPY Technical Levels
Price action reveals the pair sprints to 5-year highs extending the strong rally that started on January 1st 2012’s reversal day. With a very steep line that continues edging higher, the pair soars to 166.55 and retraces minimally. Now offered at 166.48, the pair navigates between the supports aligned at 165.40 (November 24th highs), 163.49 (November 22nd lows) ahead of 161.65 (November 15th highs) and the resistances set at 167.93 (June 2001 lows), 169.48 (July 2001 lows) followed by 171.23 (March 2001 lows). According to the FXstreet.com trend index on one-hour timeframe analysis, the pair is slightly bullish and navigates above the EMA20.