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Forex: GBP/JPY solid in 156.00 territory

FXstreet.com (London) - The pair has reached new highs on a relatively quiet day across the board after last week’s turbulent sessions.

It has had a break to the upside through 156.68 only to meet heavy resistance and offers at the top of its long-term and yearly bull trend. With a lack of momentum, indicators offer a neutral - bearish near term out look on the charts, with lower EMAs 10 and 20 at 156.23 and 156.19. In the wake of fresh new and slightly bullish economic data for the pound of late, and an emphasis on Yen weakness, a buoyant environment for the pair maintaining above EMA50 155.71 offers targets towards resistance 156.73 which is the 76.4% fib expansion opening up much higher levels for 156.00

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