Back
2 Jul 2014
GBP/JPY rises to test 2014 highs
FXStreet (Córdoba) - The GBP/JPY is rising for the third consecutive day and recently printed a fresh high at 174.78, where 2014 highs lie. If the price breaks above 174.80 it would be trading at the strongest level since October 2008.
A weak Yen and a resilient Pound is supporting the bullish bias in the GBP/JPY, that has risen more than 200 pips since the beginning of the week.
GBP/JPY technical outlook
The pair gained momentum at the beginning of the week after being able to consolidate above 173.70. Price found support on Monday around the 20-SMA and rebounded.
Short term indicators showed overbought conditions but on a wider perspective momentum remains bullish, with price action likely to face resistance between 147.80 (2014 highs) and 175.00.
A weak Yen and a resilient Pound is supporting the bullish bias in the GBP/JPY, that has risen more than 200 pips since the beginning of the week.
GBP/JPY technical outlook
The pair gained momentum at the beginning of the week after being able to consolidate above 173.70. Price found support on Monday around the 20-SMA and rebounded.
Short term indicators showed overbought conditions but on a wider perspective momentum remains bullish, with price action likely to face resistance between 147.80 (2014 highs) and 175.00.