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2 Aug 2013
GBP/JPY dipping below immediate support
FXstreet.com (Chicago) - GBP/JPY after tentatively exhausting its breakout, the pair dipped below 151.23 support despite 0.45% gains throughout Friday’s journey.
Price action indicated a strong reaction among market participants on UK’s nationwide housing prices as expectations were surpassed. Reaching 0.8% vs. projected 0.4%, MoM housing prices indicated increase in home value. The YoY percentage was 3.9% vs. estimates targeting 3.1%. In Japan, monetary flows stagnated as monetary base for July was 38.0% vs. expected 43.2%.
Technically, the pair traded at 151.162, below support at 151.23 (August 1st highs) and above following supports at 151.00 (July 29 highs) and 150.720 (July 26 lows). Resistances were set 151.381 (June 25 highs), 151.55 (July 9 highs), 151.81 (June 20 highs) as pair reached had reached intraday high at 151.46 earlier in the day.
The FXstreet.com technical studies reported pound as slightly bullish despite dip on one-hour timeframe analysis.
Price action indicated a strong reaction among market participants on UK’s nationwide housing prices as expectations were surpassed. Reaching 0.8% vs. projected 0.4%, MoM housing prices indicated increase in home value. The YoY percentage was 3.9% vs. estimates targeting 3.1%. In Japan, monetary flows stagnated as monetary base for July was 38.0% vs. expected 43.2%.
Technically, the pair traded at 151.162, below support at 151.23 (August 1st highs) and above following supports at 151.00 (July 29 highs) and 150.720 (July 26 lows). Resistances were set 151.381 (June 25 highs), 151.55 (July 9 highs), 151.81 (June 20 highs) as pair reached had reached intraday high at 151.46 earlier in the day.
The FXstreet.com technical studies reported pound as slightly bullish despite dip on one-hour timeframe analysis.