GBPJPY Weekly Forecast May 05 2014

The GBPJPY maintained a bullish  momentum last week , printed support at the 171.25  levels . This development leaves the pair targeting the 176.00  levels , a halt is likely , but a breach would open 179.35  next , further upside will aim the 183.00  levels.

On the downside , main support comes at the 171.25  levels , stability above support level will keep the bullish momentum intact , however ; losing the the 171.25  levels on a weekly closing basis will turn outlook neutral for retesting the 169.45/168.10  levels before the next possible rise, below 168.00 will turn outlook for 167.75/163.83  levels…

In all , as long as support 171.25  holds on a weekly closing basis , outlook in GBPJPY remains on the upside towards the 176.00 levels ahead of the 179.35 levels , below 171.25  will reverse risks towards the 169.45/168.10   levels.


GBPJPY Weekly Forecast May 05 2014