2 Jul 2013
GBP/JPY resumes lower to find support
FXstreet.com (London) - GBP/JPY had penetrated 151.90 within a rising channel, supported to the downside of 147.65.
However, the pair wasn’t able to close above to confirm the potential for 156.75 on the daily charts. The pair has resumed lower in European hours to meet the pivot. Global Markets have seemed be stable for the time being, and the Yen could well see a push through the 100.00 level as it continues to come under threat. A closing USD/JPY daily stick above 100.00 could see GBP/JPY taken higher again and through critical resistance against a back drop of good UK data. The market is waiting for US job numbers at the end of the week, and that could be the catalysts for breakouts.
GBP/JPY upside bias
GBP/JPY has moved lower in Europe but the momentum in this move is slowing down to find support ahead of 151.40. MA’s are pointing to the upside with RSI reading 56.64. The range in the near term is between 150.00 and 153.15 targeting 163.00 while 147.65 remains in tact.
However, the pair wasn’t able to close above to confirm the potential for 156.75 on the daily charts. The pair has resumed lower in European hours to meet the pivot. Global Markets have seemed be stable for the time being, and the Yen could well see a push through the 100.00 level as it continues to come under threat. A closing USD/JPY daily stick above 100.00 could see GBP/JPY taken higher again and through critical resistance against a back drop of good UK data. The market is waiting for US job numbers at the end of the week, and that could be the catalysts for breakouts.
GBP/JPY upside bias
GBP/JPY has moved lower in Europe but the momentum in this move is slowing down to find support ahead of 151.40. MA’s are pointing to the upside with RSI reading 56.64. The range in the near term is between 150.00 and 153.15 targeting 163.00 while 147.65 remains in tact.