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Forex: GBP/JPY capped at 122.50, eases below 122.00

By FXstreet.com,  October 28, 2011, 09:35:00 AM EDT

FXstreet.com (Barcelona) - The Pound Yen rallied on GBP strength after the EU deal, breaking through the top of the week's trading rally, at 122.00/10, to be capped at 122.50, right below the 122.65 high in October, and retreat on Friday returning below 122.00 inside the previous range.

On the downside, the pair might find support at 121.15 (Oct 27 low), and below here, 120.40/65 ((Oct 20/25 lows) and 120.00 (Oct 18 low).

On the upside, resistance levels remain at 122.65 (Oct 14/17 highs), and above here, 123.20 (Sept 9-12 trading gap) and 124.35 (Sept 8 high).




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

Referenced Stocks:



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