Breakout, targets: The GBP/JPY has broken above the 129.65-130.00 resistance area noted in the previous update. It is also accelerating above the rising channel established since June. This breaks not only the October high, but also a declining trendline that goes back to April 2010, to a resistance pivot near 145.75. The breakout therefore opens up this 145.75 as an eventual long-term target. However the 2012 high at 133.48 will be the short-term target and first challenge to the current rally.
A swing projection targets 135.00 and is a more aggressive target than the 2012-high of 133.48. The next target after that is the 140.00 handle and 2011 high.
The RSI in the weekly stayed above 40, after almost kissing 70 earlier this year. It is not very convincing, but does show a slightly bullish bias especially now that it is pushing above 60.
All the JPY pairs are surging right now on the back of JPY-weakness. EUR/JPY for example is in a similar breakout mode as the GBP/JPY.
IMOH, Patrick E.
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