FXstreet.com (Barcelona) - The Pound continues recovery against the yen climbing steadily, reaching so far above 134.00 from all tome low at 118.82 on Jan 23.
The pair has found support on 134.00 (Feb 13 high) on its decline off Feb 19 high at 134.27. If that level holds the cross could attempt another rally towards the 135.95 area (Jan 16 and Jan 18 high), and up from there, the pair will be on its way to break Feb 9 high at 137.35.
On the longer term, according to Nicole Elliott; senior technical analyst at Mizuho Corporate Bank, we should expect a some more consolidation at current levels or even a test higher: Leading the way, consolidating under a large Ichimoku 'cloud' which gets considerably thinner at the end of this month. Therefore this week we shall allow for more consolidation at these slightly higher levels, above the record low at 119.00, and above retracement support. A break above January's high at 141.55 should also set off another round of short-covering.