1 Jul 2013
GBP/JPY resistance 151.80/90
FXstreet.com (London) - GBP/JPY is testing the June highs on the first day of the month, as UK data surprises to the upside.
PMI came in as 52.5 beating expectations of 51.5. Mortgage Approvals for May 58.242k vrs expectations of 55.05k. Net Lending to Individuals was lower at £1b vrs £1.4b consensus, but overall a pretty solid report. The pair had been on the front foot, despite better than expected Tankan Q2, as Boj policy has helped to lift manufactures expectations.
GBP/JPY to extend past 151.90
GBP/JPY has built up strong resistance at this level within the ascending channel formed on the daily charts. Should this level be breached, it opens up targets for 156.75 to the top of the channel. Below 148.85 weakens such a set up. The pair is in positive territory, trading much higher than the pivot with ma’s offering a near term bias as well as weekly upside readings with RSI at 59.68 however. Support is sighted at 150.80 and 149.65 to the downside.
PMI came in as 52.5 beating expectations of 51.5. Mortgage Approvals for May 58.242k vrs expectations of 55.05k. Net Lending to Individuals was lower at £1b vrs £1.4b consensus, but overall a pretty solid report. The pair had been on the front foot, despite better than expected Tankan Q2, as Boj policy has helped to lift manufactures expectations.
GBP/JPY to extend past 151.90
GBP/JPY has built up strong resistance at this level within the ascending channel formed on the daily charts. Should this level be breached, it opens up targets for 156.75 to the top of the channel. Below 148.85 weakens such a set up. The pair is in positive territory, trading much higher than the pivot with ma’s offering a near term bias as well as weekly upside readings with RSI at 59.68 however. Support is sighted at 150.80 and 149.65 to the downside.