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15 Apr 2013
Forex Flash: GBP/JPY buy on dips, target at 168.15 – Danske Bank
FXstreet.com (Barcelona) - The cross is hovering over the key mark at 150.00 on Monday, dragged lower by the renewed strength from the Japanese yen coupled with an extension of Friday’s sell-off in the sterling.
“The more recent completion of a two month triangle pattern at 144.65 has driven the latest leg higher and 152.25, the October 2009 peak, is now being breached to open the 2009 year high at 163.05 next. Just above here lies 168.15, the 38.2% retracement level of 251.10-116.85 decline”, commented the Investment Research team at Danske Bank.
The team also added that a breakdown of 140.40 and then 137.90 would neutralize the bull pressure, risking a retest of 133.50.
“The more recent completion of a two month triangle pattern at 144.65 has driven the latest leg higher and 152.25, the October 2009 peak, is now being breached to open the 2009 year high at 163.05 next. Just above here lies 168.15, the 38.2% retracement level of 251.10-116.85 decline”, commented the Investment Research team at Danske Bank.
The team also added that a breakdown of 140.40 and then 137.90 would neutralize the bull pressure, risking a retest of 133.50.