GBP/JPY Pulls Back After Touching Monthly High

GBP/JPY Pulls Back After Touching Monthly High

25 April 2016, 14:27
Roberto Jacobs
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GBP/JPY Pulls Back After Touching Monthly High

After giving up early gains, the GBP/JPY pair dropped to 160.00 psychological mark before retracing back over 60 pips to currently trade near 160.65 level.

During Asian session gap-up opening, the pair touched its monthly high level of 161.80 and since then has witnessed minor profit taking move after its relentless rally from its last week's low of 152.52.

Technical levels to watch

Today's low near 160.00 round figure mark seems to continue providing immediate support for the pair on the downside. Weakness below this immediate support seems to get extended towards 158.50 horizontal support.

On the upside, monthly high level near 161.70-80 remains immediate key resistance to conquer. Momentum above this key resistance should assist the pair to climb further towards its next major resistance near March daily closing high level at 163.70-80 zone.


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