GBP/JPY – Bull grip intact

FX:GBPJPY   British Pound / Japanese Yen
Resistance – 161.79, 162.57

Support – 160.88 (hourly 50-MA), 160.00

  • Pair’s rebound from 160.00 (zero figure + 76.4% of 162.58-151.54 ) followed by a rise above hourly 50-MA today has left the doors wide open for further gains.
  • Nevertheless, strengthening of bullish case would require a move above previous day’s high of 161.79, which could yield 162.58 (Mar 30 high).
  • On the contrary, hourly closing below hourly 50-MA would shift risk in favor of a fall back to 160.00 levels.
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