HomeContributorsTechnical AnalysisGBP/JPY: Rises to New 2023 Peak in Post-BOJ Acceleration

GBP/JPY: Rises to New 2023 Peak in Post-BOJ Acceleration

The GBPJPY cross surged to five-month high (also new 2023 peak), advancing 1.6% until early US session on Friday, as yen was sold across the board after the Bank of Japan kept firm dovish stance.

The biggest daily gains since Jan 4 surged through Fibo barrier at 168.16 (76.4% retracement of 172.11/155.35) and broke former tops of Nov 23 / Dec 13 at 169.00/169.27 respectively, pressuring psychological 170 level.

This marks the last obstacle en-route to key resistance at 172.11 (peak of Oct 31, the highest Feb 2016).

Larger bulls are likely to take a breather in coming sessions as 14-d momentum and RSI are at the border of overbought zone, suggesting that traders may collect some profits from three-day rally which accelerated on Friday.

Pullback should offer better buying opportunities, with extended dips expected to find support above 168.00 zone (broken Fibo 76.4% level at / former tops of Apr 19/25) to keep bulls in play.

Res: 170.00; 170.95; 172.11; 174.98.
Sup: 137.00; 168.36; 168.00; 167.18.

Windsor Brokers Ltd
Windsor Brokers Ltdhttp://www.windsorbrokers.com/
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

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