Daily Forex Update: GBP/JPY
AutoChartist | Aug 19, 2013 03:21AM ET
GBP/JPY continues to rise in the direction of the key resistance level 154.8 (of the type Approach) identified by Autochartist on the daily charts. The pair is expected to reach this level in the following 17 trading days. The pair recently reversed sharply up from the combined support zone made out of the following support levels: the former resistance high at 147.60 (which previously reversed the pair sharply down in February – acting as support now after it was broken by the preceding sharp upward price impulse from February), the 50% Fibonacci Retracement of the aforementioned upward impulse from February as well as the support trendline of the daily Up Channel from February (as is shown on the next chart below).
The following daily GBP/JPY chart shows the aforementioned support levels:
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