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.
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