GBP/JPY Weekly Technical Report 13-17/5/2013

The GBPJPY pair is hesitating above the 127.1%(155.81) extension level and below 156.75 resistance level, where holding above 155.81 supports the expected bullish bias, however, price should clear 156.75 resistance to extend the bullish wave probably towards the next major target at the 161.8% extension level at 158.34. Overall, we maintain our positive expectations for this week.

** Short term ( Less than three months)

** Chart is based on GMT+2 timing

Notes: 

*if price reaches more than 80% of target before triggering entry, signal is canceled and not valid anymore.

*Allow for +,- 5 points margin