14 Oct 2013
GBP/JPY consolidating recent gains; technicians say a bit more upside likely
FXstreet.com (Barcelona) - GBP/JPY appears to be in a fourth wave bounce higher after hitting third wave downside target at 155.35.
GBP/JPY traders have no data points to help out Monday
With no data due out for the rest of the Monday session, GBP/JPY traders will likely defer to technicals and the reaction to previous news items. The only news out this weekend that may have affected this pair was the trade balance data out of China which showed an increase in imports to Japan (slightly bullish for the Yen).
Technical outlook for GBP/JPY
Technicians say the resistance for this bounce in GBP/JPY should come in at 157.53 - 158.01 – the bottom of the first wave of a five wave sequence that occurred on 9/25. Support doesn’t really come into play until Wednesday’s low at 154.47 – although Friday’s low at 156.65 will see some buying interest.
GBP/JPY traders have no data points to help out Monday
With no data due out for the rest of the Monday session, GBP/JPY traders will likely defer to technicals and the reaction to previous news items. The only news out this weekend that may have affected this pair was the trade balance data out of China which showed an increase in imports to Japan (slightly bullish for the Yen).
Technical outlook for GBP/JPY
Technicians say the resistance for this bounce in GBP/JPY should come in at 157.53 - 158.01 – the bottom of the first wave of a five wave sequence that occurred on 9/25. Support doesn’t really come into play until Wednesday’s low at 154.47 – although Friday’s low at 156.65 will see some buying interest.