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10 Sep 2013
GBP/JPY on sideways channel; sustains 3.5 month-peaks
FXstreet.com (Chicago) - GBP/JPY failed to sustain short-term upward trendline but maintained high performance levels above 156.30 zone (3.5-month highs) ahead of Tokyo’s opening and Japanese data releases.
Light data
Both British and Japanese data are due later today with the RICS housing price balance release in the UK and the BoJ monetary policy meeting minutes along a tertiary industry index for July. Earlier in Japan, consumer confidence dropped to 43.0 vs. prior 43.6. The Nikkei 225 closed up 2.48% yesterday while the FTSE 100 registered 0.25% losses.
GBP/JPY Technical Levels
Price action reveals the pair broke the short-term upward trendline (from September 6th lows) after failing to sustain spike to 156.50 zone in the last hour. The pair trades sideways but remains on long-term bullish channel. Offered at 156.34, supports are aligned at 156 (September 8th highs), 155.55 (September 8th lows) ahead of 155.10 (September 4th lows) and resistances at 156.60 (session highs), 157.62 (July 2009 highs) followed by 160.15 (May 2009 highs). According to the FXstreet.com trend index, the pair is reported as strongly bullish on one-hour timeframe analysis and is offered above the EMA20.
Light data
Both British and Japanese data are due later today with the RICS housing price balance release in the UK and the BoJ monetary policy meeting minutes along a tertiary industry index for July. Earlier in Japan, consumer confidence dropped to 43.0 vs. prior 43.6. The Nikkei 225 closed up 2.48% yesterday while the FTSE 100 registered 0.25% losses.
GBP/JPY Technical Levels
Price action reveals the pair broke the short-term upward trendline (from September 6th lows) after failing to sustain spike to 156.50 zone in the last hour. The pair trades sideways but remains on long-term bullish channel. Offered at 156.34, supports are aligned at 156 (September 8th highs), 155.55 (September 8th lows) ahead of 155.10 (September 4th lows) and resistances at 156.60 (session highs), 157.62 (July 2009 highs) followed by 160.15 (May 2009 highs). According to the FXstreet.com trend index, the pair is reported as strongly bullish on one-hour timeframe analysis and is offered above the EMA20.