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20 Dec 2013
GBP/JPY continues to consolidate Wednesday’s gains; 169.66 first support
FXstreet.com (Barcelona) - GBP/JPY is – in a healthy fashion according to technicians – consolidating the massive gains that were seen Wednesday.
GBP/JPY traders have major news out of Japan and Britain to digest later Friday
Traders are likely looking for any opportunity to buy into the strong uptrend that exists on the chart of GBP/JPY. A major pullback may not be in the cards anytime soon, but neutral / sluggish data out of Britain or suddenly bullish data out of Japan could certainly lead to a modest correction / consolidation into which bullish traders can buy.
Friday, GBP/JPY traders will be reacting to Japanese and British news / headlines including:
• Bank of Japan Interest Rate Decision and accompanying commentary
• Bank of England Quarterly Bulletin
• British Consumer Confidence
• British GDP
• British Total Business Investment
Technical outlook for GBP/JPY
Technicians say that GBP/JPY may be pausing before the last little bit of upside for the current rally. The upside target for this move comes in at 171.35. From there, they expect a correction to take the GBP/JPY down to at least 165 and possibly all the way down to 161.07. The ultimate upside target for the macro move in GBP/JPY comes in at 178.
GBP/JPY traders have major news out of Japan and Britain to digest later Friday
Traders are likely looking for any opportunity to buy into the strong uptrend that exists on the chart of GBP/JPY. A major pullback may not be in the cards anytime soon, but neutral / sluggish data out of Britain or suddenly bullish data out of Japan could certainly lead to a modest correction / consolidation into which bullish traders can buy.
Friday, GBP/JPY traders will be reacting to Japanese and British news / headlines including:
• Bank of Japan Interest Rate Decision and accompanying commentary
• Bank of England Quarterly Bulletin
• British Consumer Confidence
• British GDP
• British Total Business Investment
Technical outlook for GBP/JPY
Technicians say that GBP/JPY may be pausing before the last little bit of upside for the current rally. The upside target for this move comes in at 171.35. From there, they expect a correction to take the GBP/JPY down to at least 165 and possibly all the way down to 161.07. The ultimate upside target for the macro move in GBP/JPY comes in at 178.