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U.S. House Prices Analysis and Trend Forecast 2019 to 2021

GBP/JPY Bulls Trying to Gain Control

Currencies / British Pound Jan 21, 2011 - 04:35 AM GMT

By: Seven_Days_Ahead

Currencies

Price action in the GBP/JPY cross was relatively subdued in the second half of 2010, although staying on the weak side. A recent bounce has again raised the prospect of a better recovery phase, but key resistance still needs to be overcome.


The FX Specialist view


 WEEKLY CHART

Price swings have continued here, with the market still unable to hold below the 76.4% level.

On the upside a recovery through the current 23.6% rebound level at 134.30 would be a positive sign.


DAILY CHART:

Recent strength has been putting pressure on the bear channel top at 132.25/30.

A close above this would be positive, but a further recovery through the 134.21/30 area (Nov high and 23.6% level, see Weekly chart above) is needed for a decent bull signal. We would then start calculating higher targets.

First support could lie around the 129.31 30-Nov low.

Mark Sturdy
John Lewis

Seven Days Ahead
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© 2011 Copyright Seven Days Ahead - All Rights Reserved
Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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