Forex: GBP/JPY bears defending 132.50
Forex pairs in this Article » GBP/JPY
FXstreet.com (San Francisco) - GBPJPY is trading at the top of its session range, now threatening to extend above the 132.50 resistance area following a second day of consolidative price action. The cross is higher by 0.2% for the week so far, and the daily pin printed overnight is supporting the bullish outlook - in line with upward trend momentum and diverging moving averages, suggesting the path of least resistance likely lies North. Should price extend beyond mentioned resistance, 132.90-133 is the next zone to overcome (Dec 6 high; figure). A break above there would open scope to 133.50 (Mar 21 high). The 9-day EMA offers support on dips at 132.05, then 131.80 (April 25 high) below there and 131.15 (23.6% Fibo, 125.65/132.88 advance). At the time of writing, more sellers have jumped into play ahead of the 132.50 mark, and last trades at 132.35.