# GBP/JPY: Support Turned Resistance (October 17, 2013) Source: https://www.tradersway.com/resources/market-info/gbp-jpy-support-turned-resistance-october-17-2013/ Language: en Updated: 2013-10-17 Description: Explore GBP/JPY: Support Turned Resistance (October 17, 2013). GBP/. Trade Forex and CFDs on MT4 and MT5 with tight spreads, flexible leverage and fast funding. GBP/JPY’s recent rallies might come to a halt and start to reverse as the pair is hitting resistance at the 157.50 to 158.00 psychological levels. This is in line with a broken support level back in September and is also the 61.8% to 50% Fib levels on the 1-hour time frame. However, stochastic is not yet in the overbought zone, which means that pound bulls still have enough buying power. A safer play might be to wait for a break below the recent consolidation, with a short order around the 38.2% Fib or lower. A more aggressive entry would be to short at market or at the 158.00 handle. ![GBP/JPY: Support Turned Resistance (October 17, 2013)] Aiming for the previous lows around 155.00 would yield a 1:1 to 3:1 reward on risk, depending on the entry levels. Setting a stop above the 158.00 mark or 61.8% Fib level would give the trade enough breathing room. *By Kate Curtis from Trader’s Way* ## Structured data JSON-LD as served in the HTML version of this page. ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Article", "@id": "https://www.tradersway.com/resources/market-info/gbp-jpy-support-turned-resistance-october-17-2013/#primary", "url": "https://www.tradersway.com/resources/market-info/gbp-jpy-support-turned-resistance-october-17-2013/", "mainEntityOfPage": "https://www.tradersway.com/resources/market-info/gbp-jpy-support-turned-resistance-october-17-2013/", "headline": "GBP/JPY: Support Turned Resistance (October 17, 2013)", "inLanguage": "en", "datePublished": "2013-10-17T11:17:48+00:00", "dateModified": "2013-10-17T11:17:48+00:00", "articleSection": "Market Info", "description": "Explore GBP/JPY: Support Turned Resistance (October 17, 2013). GBP/. 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