According to contributing analyst for FXStreet.com Richard Lee: “recent consolidation is hinting at a potential correction – even as the longer term technical picture remains yen bearish,” the analyst says, adding: “With long term fundamental factors still intact, especially with a likely Shinzo Abe win in two weeks, any correction should be temporary in nature.” The cross GBP/JPY is so far up for the week by some +0.20%, while SP500 closed Monday -0.47% lower.
Immediate support to the downside for GBP/JPY below recent levels as Nov 22 highs lies at Nov 27 highs 132.07, followed by yesterday's weekly low at 131.58, and Thursday's low at 131.24. To the upside, nearest term resistance shows at recent weekly highs 132.56, followed by Friday's intraday double high at 132.81, and March/April triple top at 133.35/50.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.