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.
>To contact the staff member responsible for this article, click here: Ross Snel. >To follow the writer on Twitter, go to http://twitter.com/fxtechstrategy. >To submit a news tip, send an email to: firstname.lastname@example.org.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV