FXstreet.com (San Francisco) - After last week’s sharp break above a 50% Fibonacci retracement level at 126.06 and gaining ground for a second straight week, the GBP/JPY has touched a fresh 4-month high as it trades sideways between 126.90 and 127.29 Monday in Asia, last at 126.93.
At the time of writing, the pair is under pressure, pulling back as the initial boost after the announcement of the Fed’s bond-buying plan late last week fade.
Should the uptrend resume in the days ahead, resistance levels are noted at 127.82 (61.8%, 133.46/118.75), then the May 1 trough of 129.06, which is also confluent with the 100-week EMA resistance area (128.96). If the current downward action persists, support is noted at 126.64 (21-hour EMA) and 126.17 (7 Sep high).
At the time of writing, the pair is under pressure, pulling back as the initial boost after the announcement of the Fed’s bond-buying plan late last week fade.
Should the uptrend resume in the days ahead, resistance levels are noted at 127.82 (61.8%, 133.46/118.75), then the May 1 trough of 129.06, which is also confluent with the 100-week EMA resistance area (128.96). If the current downward action persists, support is noted at 126.64 (21-hour EMA) and 126.17 (7 Sep high).
