GBP-JPY: More Strength Likely
The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.
NEW YORK (fxtechstrategy.com) -- The pound-yen cross currency pair reversed its previous week's gains to close higher this past week.
The risk is now for GBP-JPY to strengthen further in the coming week.
In such a case, the cross currency pair will target 135.09. A violation of that level would turn attention to 136.97 and then 139.99, the pair's April 2011 high.GBP-JPY's weekly relative strength index is bullish and pointing higher, suggesting further strength. > > Bull or Bear? Vote in Our Poll On the downside, support lies at 130.08, the March 2 high, where a breather may occur and turn the cross back up. However, if the GBP-JPY breaks through that level, further weakness should follow toward 126.53. Further down, support lies at 125.45, followed by 124.50. All in all, the pound-yen cross currency pair remains biased to the upside, having reversed its recent corrective weakness. -- Written by Mohammed Isah.
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