Wednesday, November 4, 2015

GBP/JPY breaks above 186.40 and hit fresh highs

FXStreet (Córdoba) - GBP/JPY gained momentum and bounced from below 186.00 breaking above 186.40, where previous highs lied and peaked at 186.68. It remains trading near the highs with a bullish tone and eyeing yesterday’s highs that lie at 186.96.

The area around 187.00 is the immediate barrier to consider. If it rises above it would be trading at the strongest since mid-September.

The pound is rising against the yen for the fourth time out of the last five trading days as it continues to move with a bullish tone in the short term supported by the daily 20-SMA, that stands at 184.70/80.

GBP/JPY: 2 key levels

As mentioned, the immediate key resistance is located around 187.00 and above the next level to watch is the 187.50 zone, that capped the upside during the last week of August and during September. GBP/JPY traded above but it failed to post a daily close on top; if it consolidates on top, it would open the doors for more gains.
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