GBP/JPY Continues to Eye November 2015 High
GBP/JPY may stage further attempts to test the November 2015 high (188.81) as it tries to retrace the decline from the start of the week.
GBP/JPY Outlook
GBP/JPY registered a fresh monthly high (188.66) after failing to break/close below the 183.90 (50% Fibonacci retracement) to 184.80 (23.6% Fibonacci extension) region, and the recent weakness in the exchange rate may end up being short-lived as it struggles to extend the series of lower highs and lows from earlier this week.
A breach above November 2015 high (188.81) opens up 189.00 (38.2% Fibonacci extension), with the next area of interest coming in around 192.40 (50% Fibonacci extension) to 193.50 (38.2% Fibonacci extension).
However, GBP/JPY may face range bound conditions if it fails to test the November 2015 high (188.81), with a move below 186.60 50% Fibonacci extension) bringing the 183.90 (50% Fibonacci retracement) to 184.80 (23.6% Fibonacci extension) region back on the radar.
GBP/JPY Outlook
GBP/JPY registered a fresh monthly high (188.66) after failing to break/close below the 183.90 (50% Fibonacci retracement) to 184.80 (23.6% Fibonacci extension) region, and the recent weakness in the exchange rate may end up being short-lived as it struggles to extend the series of lower highs and lows from earlier this week.
A breach above November 2015 high (188.81) opens up 189.00 (38.2% Fibonacci extension), with the next area of interest coming in around 192.40 (50% Fibonacci extension) to 193.50 (38.2% Fibonacci extension).
However, GBP/JPY may face range bound conditions if it fails to test the November 2015 high (188.81), with a move below 186.60 50% Fibonacci extension) bringing the 183.90 (50% Fibonacci retracement) to 184.80 (23.6% Fibonacci extension) region back on the radar.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.