10 Jul 2013
GBP/JPY dropping like a stone
FXstreet.com (London) - GBP/JPY has dropped like a stone from 149.69 to 148.85.
GBP/JPY is finding support below the 149.00 handle in European markets as positions in the Yen are squeezed and China is in focus. Stops may well be to to blame, and this is a continuation of overnight performances in the Yen. The dollar is broadly weaker as well.
GBP/JPY bullish bias
Teams at ICN.com said the GBP/JPY pair sustains negative pressures as it attempts to break the bullish channel's support now at 149.95. "As a result, we will stand aside and monitor the the pair's daily closing as to the aforesaid level; confirming a break will cease the positive scenario and force the pair to test 147.65. The Stochastic is approaching oversold areas, the case that will support the expected bullishness."
GBP/JPY is finding support below the 149.00 handle in European markets as positions in the Yen are squeezed and China is in focus. Stops may well be to to blame, and this is a continuation of overnight performances in the Yen. The dollar is broadly weaker as well.
GBP/JPY bullish bias
Teams at ICN.com said the GBP/JPY pair sustains negative pressures as it attempts to break the bullish channel's support now at 149.95. "As a result, we will stand aside and monitor the the pair's daily closing as to the aforesaid level; confirming a break will cease the positive scenario and force the pair to test 147.65. The Stochastic is approaching oversold areas, the case that will support the expected bullishness."