8 Nov 2013
GBP/JPY re-conquers 158 front
FXstreet.com (Chicago) - GBP/JPY extends gradual ascent retaking the 158 zone. Supported by primary and secondary trends price action, the pair consolidates a reversal after the steep fall to 157.20.
After the release of mixed foreign investment results in Japan, market participants favor the pound slightly more than the yen leading to a jump back above the 158 zone. Later today, trade balance data is due in the UK along the US NFP with potential high effects on the pair’s price action.
GBP/JPY Technical Levels
Price action reveals a gradual ascent that seems to culminate, temporarily, on the retake of the 158 front shortly after the opening of the Asian trading session. Offered at 158.08, the pair oscillates between the supports aligned at 158 (October 16th highs), 157.62 (October 29th highs) ahead of 157.15 (October 16th lows) and the resistances set at 158.34 (October 22nd lows), 158.75 (October 18th highs) followed by 159.35 (October 22nd highs). According to the FXstreet.com trend index, the pair is strongly bearish on one-hour timeframe analysis below the EMA20.
After the release of mixed foreign investment results in Japan, market participants favor the pound slightly more than the yen leading to a jump back above the 158 zone. Later today, trade balance data is due in the UK along the US NFP with potential high effects on the pair’s price action.
GBP/JPY Technical Levels
Price action reveals a gradual ascent that seems to culminate, temporarily, on the retake of the 158 front shortly after the opening of the Asian trading session. Offered at 158.08, the pair oscillates between the supports aligned at 158 (October 16th highs), 157.62 (October 29th highs) ahead of 157.15 (October 16th lows) and the resistances set at 158.34 (October 22nd lows), 158.75 (October 18th highs) followed by 159.35 (October 22nd highs). According to the FXstreet.com trend index, the pair is strongly bearish on one-hour timeframe analysis below the EMA20.