GBP/JPY wants to finish week quietly

FXStreet (Moscow) – GBP/JPY has frozen to its opening level of 175.25 in Asia, consolidating gains of the week.

Time to think it over

GBP/JPY staged a spectacular 250-pip rise and set new yearly high this week. The bulls were motivated partially by positive GBP sentiments, and partially by JPY downside correction across the board. We might hope for a quiet week ending as all interesting events are behind us, Friday macroeconomic calendar is virtually empty and American markets are closed due to Independence day. From the technical point of view the cross might reverse some losses due to profit taking ahead of the weekend, though the downside is likely to be limited by 175.00 support.

What price levels and patterns have to be considered?

Spot is presently trading at 175.31, and next resistance can be seen at 175.39 (Yesterday’s High), 175.43 (Daily High), 175.63 (Daily Classic R1), 175.96 (Daily Classic R2) and 176.52 (Daily Classic R3).

Next support to the downside can be found at 175.31 (Daily Open), 175.31 (Monthly High), 175.31 (Weekly High), 175.31 (Annual High) and 175.31 (3 Year High).
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