GBPJPY – The cross followed through higher on the back of its Friday strength during Monday trading session today. This leaves the risk of further upside towards the 171.50 level where a violation will pave the way for a move higher towards the 172.00 level.
A decisive break and hold above here will open the door for additional gains towards the 172.78 level where a break will aim at the 173.13 level. A violation will aim at the 174.00 level. Its daily RSI is bullish and pointing higher supporting this view.
On the downside, support comes in at the 170.15 level where a break will aim at the 169.49 level. A cut through here if seen will target the 168.63 level and then the 168.00 level. All in all, the cross remains biased to the upside on corrective recovery.
Guest post by FX Tech Strategy
Share
