3 Jul 2013
GBP/JPY rises to 151.50 after bullish reversal intraday
FXstreet.com (Barcelona) - GBP/JPY faced a decent number off bids at the 152.19 periphery, session lows, producing a rebound in the pair that has trapped some short term sellers on the wrong feet, with current quoting around 152.45 now.
Exporters applied early pressure
Within the context of an expanding bullish momentum on the daily, the early retracement on GBP/JPY was led, according to Eamonn Sheridan from Forexlive, "by exporters selling USD/JPY and also Nikkei profit-taking (-0.4%)."
GBP/JPY forms short-term reversal
GBP/JPY has produced a bullish reversal intraday, which some savvy traders managed to capitalize, after the price displayed a pattern of higher highs and higher lows . The main target at round number 152.50 has now been achieved, with some profit taking resulting on a stabilization of the GBP/JPY exchange rate just below the offer-sensitive area.
Exporters applied early pressure
Within the context of an expanding bullish momentum on the daily, the early retracement on GBP/JPY was led, according to Eamonn Sheridan from Forexlive, "by exporters selling USD/JPY and also Nikkei profit-taking (-0.4%)."
GBP/JPY forms short-term reversal
GBP/JPY has produced a bullish reversal intraday, which some savvy traders managed to capitalize, after the price displayed a pattern of higher highs and higher lows . The main target at round number 152.50 has now been achieved, with some profit taking resulting on a stabilization of the GBP/JPY exchange rate just below the offer-sensitive area.