11 Nov 2013
GBP/JPY, at 23.6% Fibo; holding on to 158.50
FXstreet.com (Chicago) - GBP/JPY retraced from 158.85 session highs to trade around the 23.6% Fibonacci level. Reaching resistance last Friday and retracing at the opening of Tokyo reveals heavy bearish pressure.
GBP/JPY Technical Levels
Price action reveals the pair trades around the 23.6% Fibonacci level (157.50/ 158.75) after retracing from 158.85 session highs. Offered at 158.55, the pair oscillates between the supports aligned at 158.34 (October 21st lows), 158 (October 26th highs) followed by 157.62 (November 4th highs) and the resistances set at 158.75 (October 2nd highs), 159.35 (October 23rd highs) ahead of 159.94 (September 30th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis and flows above the EMA20. Long-term charts evidence an upward curve with primary and secondary trends pointing up.
GBP/JPY Technical Levels
Price action reveals the pair trades around the 23.6% Fibonacci level (157.50/ 158.75) after retracing from 158.85 session highs. Offered at 158.55, the pair oscillates between the supports aligned at 158.34 (October 21st lows), 158 (October 26th highs) followed by 157.62 (November 4th highs) and the resistances set at 158.75 (October 2nd highs), 159.35 (October 23rd highs) ahead of 159.94 (September 30th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis and flows above the EMA20. Long-term charts evidence an upward curve with primary and secondary trends pointing up.