GBPJPY INDECISION
In GBP/JPY, the pair made a strong but unsuccessful attempt to push above the 155.00 level this week. Perhaps the most interesting aspect for bulls was lower-highs that printed this week after the Tuesday high of 154.84 was set. This highlights the fact that the bullish trend may be a bit long in the tooth, and due for a pullback before bulls might finally be able to take out that 155.00 level.
Similar to the above with GBP/USD, breakout logic could keep the door open for topside plays but, similar to GBP/USD at the 1.4250 spot, traders may want to add some buffer room above the psychological level in the effort of avoiding getting wicked into a false breakout.
On the trend side of the pair, the area around 153.50 seems key, and a hold of support there could allow for concentrated risk on bullish trend approaches.
The forecast for GBP/JPY will be set to bullish for the week ahead.
Similar to the above with GBP/USD, breakout logic could keep the door open for topside plays but, similar to GBP/USD at the 1.4250 spot, traders may want to add some buffer room above the psychological level in the effort of avoiding getting wicked into a false breakout.
On the trend side of the pair, the area around 153.50 seems key, and a hold of support there could allow for concentrated risk on bullish trend approaches.
The forecast for GBP/JPY will be set to bullish for the week ahead.
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