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25 Feb 2015
GBP/JPY: Eyes on higher grounds
FXStreet (Guatemala) - GBP/JPY is currently trading at 184.57 with a high of 184.65 and a low of 183.53.
GBP/JPY continues on the bid from 175.70 territory on the daily chart while today the pair has gained over a cent so far on its own accord, despite the pound being one way and the other.
Meanwhile, Mr. Gittler, Head of Global FX IronFX noted that and explained that the rate is now heading towards the psychological line of 185.00 (R1), where a clear and decisive violation is likely to lay the groundwork for further upside extensions, perhaps towards the next resistance zone of 187.25 (R2), determined by the high of the 2nd of January. "After the completion of a triple bottom formation on the 5th of February, the price structure has been suggesting a short-term uptrend above both the 50- and the 200-period moving averages. Nevertheless, although I see a positive short-term picture, in the absence of any defined trending structure on the daily chart, I do not see any convincing longer-term trend."
GBP/JPY continues on the bid from 175.70 territory on the daily chart while today the pair has gained over a cent so far on its own accord, despite the pound being one way and the other.
Meanwhile, Mr. Gittler, Head of Global FX IronFX noted that and explained that the rate is now heading towards the psychological line of 185.00 (R1), where a clear and decisive violation is likely to lay the groundwork for further upside extensions, perhaps towards the next resistance zone of 187.25 (R2), determined by the high of the 2nd of January. "After the completion of a triple bottom formation on the 5th of February, the price structure has been suggesting a short-term uptrend above both the 50- and the 200-period moving averages. Nevertheless, although I see a positive short-term picture, in the absence of any defined trending structure on the daily chart, I do not see any convincing longer-term trend."