13 Sep 2013
GBP/JPY extends bullish trendline on fall’s aftershocks; targets 157.40 zone
FXstreet.com (Chicago) - GBP/JPY extended gains to consolidate reversal after dropping to 156.62 lows (23.6% Fibonacci level since last August 28th major reversal). The pair accumulates 0.02% a loss so far ahead of Tokyo’s opening.
Yesterday & later today
Yesterday, the strengthening of the yen - or rather awakening after an awful week overall - sent most crosses down. The pound fell from 158.50 zone and gave up 157.00 zone to hit 156.62 lows. Ahead of Tokyo’s start, market participants wait for industrial production data at 4:30GMT along July’s capacity utilization due at the same time. In the UK, no official data is due tomorrow.
GBP/JPY Technical Levels
Price action reveals the consolidations of a reversal in the aftershocks of a strong descend from 158.00 zone (38.2% Fibonacci level since last September 6th reversal movement). The pair is now offered at 157.28 and targets 157.40 zone (23.6% Fibonacci level). On the downside, supports are aligned at 156.60 (September 9th highs), 156.00 (September 4th highs) ahead of 155.55 (September 4th lows) and resistances aligned at 157.62 (September 11th lows), 158.10 (September 11th highs) followed by 158.52 (September 10th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis and is offered with a neutral EMA20.
Yesterday & later today
Yesterday, the strengthening of the yen - or rather awakening after an awful week overall - sent most crosses down. The pound fell from 158.50 zone and gave up 157.00 zone to hit 156.62 lows. Ahead of Tokyo’s start, market participants wait for industrial production data at 4:30GMT along July’s capacity utilization due at the same time. In the UK, no official data is due tomorrow.
GBP/JPY Technical Levels
Price action reveals the consolidations of a reversal in the aftershocks of a strong descend from 158.00 zone (38.2% Fibonacci level since last September 6th reversal movement). The pair is now offered at 157.28 and targets 157.40 zone (23.6% Fibonacci level). On the downside, supports are aligned at 156.60 (September 9th highs), 156.00 (September 4th highs) ahead of 155.55 (September 4th lows) and resistances aligned at 157.62 (September 11th lows), 158.10 (September 11th highs) followed by 158.52 (September 10th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis and is offered with a neutral EMA20.