GBPJPY: Bullish, Follows Through Higher

21 June 2016, 14:57

GBPJPY: The cross closed higher on Monday and was seen following through higher as at the time of this analysis. On the downside, support comes in at the 154.00 level where a violation will aim at the 153.00 level. A break below here will target the 152.00 level followed by the 151.00 level. Conversely, resistance is seen at the 155.00 level followed by the 156.00 level. A cut through that level will set the stage for a move further higher towards the 157.00 level. Further out, resistance resides at the 158.00 level. Its daily RSI is bullish and pointing higher suggesting further strength. All in all, GBPJPY looks to strengthen further but with caution.


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