28 Apr 2014
GBP/JPY ends above 172.00
FXStreet (Córdoba) - The Pound started the week with gains versus the Yen and was able to close above 172.00. At the beginning of the week the GBP/JPY fell to 171.25 but then turned to the upside and soared on European hours reaching 172.57, the strongest level since last Wednesday.
During Wall Street Cable lost momentum and pulled back to 171.97 but bounced quickly back above 172.00 to finish the session hovering around 172.25.
GBP/JPY approaching key resistance
The pair on Monday rose after falling in the previous three days and approached April highs that lie barely above 173.00. Since January the GBP/JPY has been unable to post a daily close above that level.
Cable still holds some bullish momentum but the area around 173.00, that capped the upside various occasions since February, continues to be a key resistance.
During Wall Street Cable lost momentum and pulled back to 171.97 but bounced quickly back above 172.00 to finish the session hovering around 172.25.
GBP/JPY approaching key resistance
The pair on Monday rose after falling in the previous three days and approached April highs that lie barely above 173.00. Since January the GBP/JPY has been unable to post a daily close above that level.
Cable still holds some bullish momentum but the area around 173.00, that capped the upside various occasions since February, continues to be a key resistance.