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Resistance Turned Support on GBP/JPY (January 24, 2014)
GBP/JPY has made a stellar rally in the past few trading days, thanks to improved fundamentals in the UK. However, yesterday’s yen strength triggered a sharp selloff, which could simply be a retracement for this pair.
Right now, the pair is finding support at a former resistance level around the 171.50 minor psychological level. Stochastic has reached the oversold zone and climbed out, indicating that buying pressure is back.
Going long at market with a stop below the latest bounce or 171.50 and a target of the previous highs around 173.50 could yield a good return on risk for a short-term trade.
By Kate Curtis from Trader's Way
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