GBP/JPY – Bull grip intact

26 Apr 2016

Resistance – 161.79, 162.57

Support – 160.88 (hourly 50-MA), 160.00

• Pair’s rebound from 160.00 (zero figure + 76.4% of 162.58-151.54 ) followed by a rise above hourly 50-MA today has left the doors wide open for further gains.
  

• Nevertheless, strengthening of bullish case would require a move above previous day’s high of 161.79, which could yield 162.58 (Mar 30 high).
  

• On the contrary, hourly closing below hourly 50-MA would shift risk in favor of a fall back to 160.00 levels.