GBP/JPY: Short Term Bull Market
Jason Sen | Oct 01, 2014 07:48AM ET
The GBP/JPY in a longer and short term bull trend. We have been pausing for breath over the past week to relieve the overbought conditions before the next leg higher. Watch the 4 day high at 178.09/16. Above we can target last week's high at 178.60/70. A break above here is then required to re-start the bull trend and target trend line resistance at 179.20/25. Above here we look for a retest of September highs at 180.60/66.
The 4 day low of 177.25/10 is key for today. A break lower does look possible and should target support at 176.45/35 for a buying opportunity with stops below 176.00. Go with a break lower however as we could then target 175.25/00. Exit shorts and try longs with stops below 174.50.
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