25 Sep 2013
GBP/JPY can’t decide between 158.89/90 zones
FXstreet.com (Chicago) - GBP/JPY is dragged down by a stronger bearish pressure on yen’s strengthening. The pair seems to find grounds after retracement from 158.60 zone.
Tankan, UK GDP and BoE comments
Price action reveals the continuation of upward trendline originated last August 7th. The pair is capped around 150.60 zone but maintains 3.5 years altitudes ahead of GDP data due on Thursday. On earlier comments, the BoE’s Miles said the economy had “overwhelmingly positive” news and market participants wait for CBI distributive trades survey results later on in the UK. In Japan, the tankan survey approaches, determining the timing of the tax sales hike, and being eyed by market participants from now.
GBP/JPY Technical Levels
Price action reveals a pair that stalls on parallel movement below the 157.90 zone. Offered at 157.87, the pair trades between supports aligned at 157.47 (September 13th lows), 156.91 (September 15th lows) followed by 156.38 (September 4th highs) and the resistances set at 157.96 (September 12th highs), 158.51 (September 22nd lows) ahead of 159.50 (September 22nd highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis but remains below the EMA20.
Tankan, UK GDP and BoE comments
Price action reveals the continuation of upward trendline originated last August 7th. The pair is capped around 150.60 zone but maintains 3.5 years altitudes ahead of GDP data due on Thursday. On earlier comments, the BoE’s Miles said the economy had “overwhelmingly positive” news and market participants wait for CBI distributive trades survey results later on in the UK. In Japan, the tankan survey approaches, determining the timing of the tax sales hike, and being eyed by market participants from now.
GBP/JPY Technical Levels
Price action reveals a pair that stalls on parallel movement below the 157.90 zone. Offered at 157.87, the pair trades between supports aligned at 157.47 (September 13th lows), 156.91 (September 15th lows) followed by 156.38 (September 4th highs) and the resistances set at 157.96 (September 12th highs), 158.51 (September 22nd lows) ahead of 159.50 (September 22nd highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis but remains below the EMA20.