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23 Feb 2015
Same test at 184.00; same answer for GBP/JPY: Rejection
FXStreet (San Francisco) - After testing the 184.00 area another time, the GBP/JPY got the same answer it received before: rejection.
Earlier in the day, the GBP/JPY rallied 140 pips from 182.60 to test te mentioned 184.00; however after another selling interest, the pair is trading back at 183.70.
Currently, GBP/JPY is trading at 183.72, up 0.28% on the day, having posted a daily high at 184.03 and low at 182.60. The FXStreet OB/OS Index is reflecting overbought hourly conditions, while the FXStreet Trend Index is slightly bullish.
GBP/JPY sentiment
According to ForexLive analyst Greg Michalowski, "the pair is currently testing the topside ceiling area above the 183.947 level." He affirms that "traders should find sellers in this area with stops on a break above, and that still is a viable low risk trading strategy."
If the pair extends rejection, it will find supports at 183.60, 183.50 and 182.60. To the upside, resistances are at 184.00, 184.20 and 184.50.
Earlier in the day, the GBP/JPY rallied 140 pips from 182.60 to test te mentioned 184.00; however after another selling interest, the pair is trading back at 183.70.
Currently, GBP/JPY is trading at 183.72, up 0.28% on the day, having posted a daily high at 184.03 and low at 182.60. The FXStreet OB/OS Index is reflecting overbought hourly conditions, while the FXStreet Trend Index is slightly bullish.
GBP/JPY sentiment
According to ForexLive analyst Greg Michalowski, "the pair is currently testing the topside ceiling area above the 183.947 level." He affirms that "traders should find sellers in this area with stops on a break above, and that still is a viable low risk trading strategy."
If the pair extends rejection, it will find supports at 183.60, 183.50 and 182.60. To the upside, resistances are at 184.00, 184.20 and 184.50.