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14 Nov 2014
GBP/JPY bulls not giving in yet and break 182 handle
FXStreet (Guatemala) - GBP/JPY is trading at 182.18, up 0.16% on the day, having posted a daily high at 182.31 and low at 181.75.
GBP/JPY is up to test the 182 handle but 182.20 resistance is proving a little bit of a challenge and the pair is stalling there. The move came with USD/JPY marching on with a spike through 116 after a phase of consolidation and meaningless attempts to the handle.
If USD/JPY can make a firm close on the handle and trade throughout the European and US markets on the front foot, the cross will surely be carried with it, although there will be an element of nervousness around sterling and cable should be monitored if long of the cross. 182.80 would act as key resistance on the upside and if broken it could be the sign that the bull run is still in tact.
GBP/JPY noteworthy levels
Spot is presently trading at 182.19, and next resistance can be seen at 182.40 (Hourly 200 SMA), 182.51 (Hourly 100 SMA), 182.80 (Yesterday's High) and 183.05 (Daily Classic PP). Next support to the downside can be found at 182.02 (Hourly 20 EMA), 181.98 (Weekly Classic PP), 181.89 (Daily Open) and 181.75 (Daily Low).
GBP/JPY is up to test the 182 handle but 182.20 resistance is proving a little bit of a challenge and the pair is stalling there. The move came with USD/JPY marching on with a spike through 116 after a phase of consolidation and meaningless attempts to the handle.
If USD/JPY can make a firm close on the handle and trade throughout the European and US markets on the front foot, the cross will surely be carried with it, although there will be an element of nervousness around sterling and cable should be monitored if long of the cross. 182.80 would act as key resistance on the upside and if broken it could be the sign that the bull run is still in tact.
GBP/JPY noteworthy levels
Spot is presently trading at 182.19, and next resistance can be seen at 182.40 (Hourly 200 SMA), 182.51 (Hourly 100 SMA), 182.80 (Yesterday's High) and 183.05 (Daily Classic PP). Next support to the downside can be found at 182.02 (Hourly 20 EMA), 181.98 (Weekly Classic PP), 181.89 (Daily Open) and 181.75 (Daily Low).