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20 Dec 2013
GBP/JPY, 170 at peril
FXstreet.com (Chicago) - GBP/JPY continues trading around 5-year highs but seems to be under pressure as bears put the pair down and send them to session lows at 169.98 for a daily retracement of 0.36%. Earlier in the UK, the GDP results surprised positively at 1.9% vs. past 1.3% and expected 1.5%.
GBP/JPY Technical Levels
Price action reveals a strong retracement from session highs that is inconclusive and leads the pair to almost drop below the 170 front falling to 170.01 session lows. Technically speaking, the pair oscillates around 5-year highs and is offered at 170.04. On the downside, supports are aligned at 169.76 (December 12th highs), 169.13 (December 2nd highs) ahead of 168.39 (December 16th highs) and the resistances set at 171.20 (December 18th highs), 172.60 (November 1st 2001 lows) followed by 178.63 (November 1st 2003 lows). According to the FXstreet.com trend index on one-hour timeframe analysis, the pair is slightly bearish and trades below the EMA20.
GBP/JPY Technical Levels
Price action reveals a strong retracement from session highs that is inconclusive and leads the pair to almost drop below the 170 front falling to 170.01 session lows. Technically speaking, the pair oscillates around 5-year highs and is offered at 170.04. On the downside, supports are aligned at 169.76 (December 12th highs), 169.13 (December 2nd highs) ahead of 168.39 (December 16th highs) and the resistances set at 171.20 (December 18th highs), 172.60 (November 1st 2001 lows) followed by 178.63 (November 1st 2003 lows). According to the FXstreet.com trend index on one-hour timeframe analysis, the pair is slightly bearish and trades below the EMA20.