GBP/JPY Threatening November’s Range Resistance

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GBP/JPY Threatening November's Range Resistance

The GBP/JPY has been consolidating in November under the new high on the year at 184.66 and above 181.07. As we get into the 11/19 US session, the pair is testing November’s range resistance. Let’s take a look at the imminent threat of a bullish continuation breakout.

The Bank of England released its meeting minutes, and it was essentially the same as the previous several votes. A 7-2 vote to hold rates and maintain size of QE came as no surprise, though some did look for the two dissents to back off because the bank has lowered its growth and inflation forecast. Because of the non-dovish minutes, GBP may have gotten a boost. This helped GBP/JPY rally to its November resistance at 184.66. A break can open up the 188.00-188.30 area which would satisfy a projection using the width of the current range.

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Fan Yang has been a professional forex trader and analyst since 2007. He specializes in technical analysis and has a Chartered Market Technician designation since 2011. He was the chief technical strategist at CMSFX He was also the founder and chief currency strategist at FXTimes Over the years, Fan has not only been a trader and analyst but also an educator. As a proponent of both technical and fundamental analysis in trading, Fan advocates simplicity and discipline as key factors in making trading decisions when faced with so many "clues" and "signals". Currently Fan Yang is the chief currency analyst and webinar instructor at forexminute.com.