1 Aug 2013
GBP/JPY back to 5-week lows
FXstreet.com (Chicago) - GBP/JPY continues its steady decline after failed attempt to break off 149.21 resistance.
The pound continues declining against a stronger yen as Wednesday’s journey has brought over 0.50% losses so far on outlook for Japanese foreign investment data to be made public at 23:50 GMT.
Price action indicates bearish sentiment among market participants as pair trades at 148.61 at moment of writing, below support at 148.633 (July 30 lows) with next downside hurdles at 148.300 (June 11 lows), and 147.892 (April 16 lows). Resistances are set at 148.984 (July 12 lows), 149.353 (July 18 lows) and 149.913 (July 9 lows).
The FXstreet.com technical studies consolidate bearish bias as price trades below EMAs at 5 and 20 for 1-hour timeframe analysis.
The pound continues declining against a stronger yen as Wednesday’s journey has brought over 0.50% losses so far on outlook for Japanese foreign investment data to be made public at 23:50 GMT.
Price action indicates bearish sentiment among market participants as pair trades at 148.61 at moment of writing, below support at 148.633 (July 30 lows) with next downside hurdles at 148.300 (June 11 lows), and 147.892 (April 16 lows). Resistances are set at 148.984 (July 12 lows), 149.353 (July 18 lows) and 149.913 (July 9 lows).
The FXstreet.com technical studies consolidate bearish bias as price trades below EMAs at 5 and 20 for 1-hour timeframe analysis.