by Wed, 25 May 2011 14:15:00 +0200
Forex: GBP/JPY at 2-week high of 133.35
FXstreet.com (Barcelona) - The British pound has been supported across the board following a slew of UK macroeconomic data which is viewed more positively than anything else. The GBP/JPY thus has surged more than 100 pips over the European session, recently running into modest resistance at a fresh 2-week high of 133.35.
The ForexMansion.com analysis team suggests: “The GBP/JPY rose Tuesday, but is simply caught in a tight consolidation range between 130 and 133. Of course, there are central banks below the 130 area, so we only want to buy. In fact, this is a great scalping market, as the range is 300 pips – yet still tight. The consolidation will continue until the markets in general decide how risk adverse or risk positive they want to be. Look for short-term set ups to the upside in the 130 to 133 range.”
| Technical Analysis (2011-05-25 11:45 GMT) | |
|---|---|
GBP/JPY 133.34/133.36 - O: 132.54 H: 132.685 L: 132.535 C: 132.67 | |
| Trend | R3: 133.91 |
 | R2: 133.58 |
| R1: 133.25 | |
| S1: 132.51 | |
| S2: 132.85 | |
| S3: 133.18 | |
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