Pound Sterling to 2017 highs (GBPJPY ANALYSIS)

British Pound / Japanese Yen (OANDA:GBPJPY)

Updated

OANDA:GBPJPY British Pound / Japanese Yen

Trend Analysis GBP jpy pound yen cable Forex techincals pips GBPJPY

trendanalysis gbp jpy pound yen cable forex techincals pips gbpjpy

Last week the pound broke 1.30 nicely and closed at 1.31 taking it to new 2017 highs. This recent uptrend in cable has brought gbpjpy to a strong daily resistance after a big move on Friday making a higher low and higher high. I expect the resistance zone at 147.750 to be tested and possibly broken if the pounds strength can continue. I wouldn't be looking to go short until the TL is broken and the Yen rises more against USD which it could based on recent USD fundamentals and price action.

Comment:

GJ broke trend, currently in demand zone. Will look for a retest of the TL for more downside

Comment:

The bitch is falling.. currently at a major demand zone. Has some momentum but we havent broke yet

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