12 Nov 2013
GBP/JPY rides flat wave at 158.50
FXstreet.com (Chicago) - GBP/JPY extends trading range evidencing no strong pulls or pushes on Tuesday’s session.
Heavy day in data for the UK
Ahead of job market data in the UK along a plethora of economic results due later in the day, market participants process the latest publications with M2 money supply at 4.1% vs. expected 3.9% and a tertiary industry index at -0.2% vs. expected 0.2%.
GBP/JPY Technical Levels
Price action reveals sideways movement, as it seems to be the case for most currency pairs in the past two days, with bearish pressure sending the pair down followed by bullish impulses to sustain monthly gains. Strong above the 158.40 zone, the pair is offered at 158.50 and oscillates between the supports aligned at 158.34 (November 6th lows), 158 (October 18th lows) ahead of 157.62 (November 4th highs) and the resistances set at 158.75 (October 21st highs), 159.35 (October 23rd highs) followed by 160 (October 1st highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis with a neutral EMA20.
Heavy day in data for the UK
Ahead of job market data in the UK along a plethora of economic results due later in the day, market participants process the latest publications with M2 money supply at 4.1% vs. expected 3.9% and a tertiary industry index at -0.2% vs. expected 0.2%.
GBP/JPY Technical Levels
Price action reveals sideways movement, as it seems to be the case for most currency pairs in the past two days, with bearish pressure sending the pair down followed by bullish impulses to sustain monthly gains. Strong above the 158.40 zone, the pair is offered at 158.50 and oscillates between the supports aligned at 158.34 (November 6th lows), 158 (October 18th lows) ahead of 157.62 (November 4th highs) and the resistances set at 158.75 (October 21st highs), 159.35 (October 23rd highs) followed by 160 (October 1st highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis with a neutral EMA20.