Forex: GBP/JPY threatens 143.15 breakout; potential for 144.00
Forex pairs in this Article »
GBP/JPY
FXstreet.com (Barcelona) - The British Pound continues to build up on recent gains vs the Yen after finding a technical base just above 142.00 in the last European session. The pair is now at an inflection area at 143.15, where sellers are likely camped.
The rally off 142.04 lows is consistent with the underlying uptrend. Current pressing against the key 143.15 resistance carries certain credibility for a potential breakout in the near term, with buyers having outnumbered sellers in every single hourly action for the last 8 candles. Prior to that, an attempt to bring down prices below 142.50 was well challenged by firm buyers.
If a potential upside resolution through 143.15 materializes, that would open up scope for additional 75 pips or so in gains for buyers, as next target eyed is likely to be at round 144.00, where Jan 17 + Jan25 highs meet. On the downside, a 143.15/20 topside failure finds Jan 29 upswing 142.90 as first area of protection for buyers, followed by 142.50, intraday level.
The rally off 142.04 lows is consistent with the underlying uptrend. Current pressing against the key 143.15 resistance carries certain credibility for a potential breakout in the near term, with buyers having outnumbered sellers in every single hourly action for the last 8 candles. Prior to that, an attempt to bring down prices below 142.50 was well challenged by firm buyers.
If a potential upside resolution through 143.15 materializes, that would open up scope for additional 75 pips or so in gains for buyers, as next target eyed is likely to be at round 144.00, where Jan 17 + Jan25 highs meet. On the downside, a 143.15/20 topside failure finds Jan 29 upswing 142.90 as first area of protection for buyers, followed by 142.50, intraday level.
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