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GBP/JPY strengthens, back above 185.00

FXStreet (Córdoba) - The yen reversed its trend across the board and erased all Asian session gains. GBP/JPY bounced to the upside and climbed back above 185.00.

GBP/JPY to test October highs?

The pair bottomed yesterday at 183.87, after the FOMC statement and bounced to the upside, like USD/JPY did. It found resistance at 185.00 and today on Asian hours dropped to 184.08. From there rebounded and recently climbed above 185.00.

It peaked at 185.34, hitting a 2-day low. So far the pair has been able to hold above 185.00 and also on top of the 20-MA in four hour charts. The pound holds a bullish tone and appears to be headed toward 185.50/60, where the immediate key resistance is located. Above there 186.00 and October highs at 186.30 would be exposed.

If the pair falls below 184.70, a static (Oct 12 high) and dynamic (20-MA in 4H) support, the yen could gain momentum. Below, the next potential support levels lie at 184.45 (Oct 22 low) 183.90 (Oct 28 low) and 182.40 (uptrend line from Oct 2014 lows).

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