29 Aug 2013
GBP/JPY cracking down prior to UN meeting; is 152 zone sustainable?
FXstreet.com (Chicago) - GBP/JPY was capped at 152.60 zone to retrace below 153.30 zone at the afternoon of the American trading session. The pair seems to find grounds around the immediate support at 152.17 prior to the UN results on US military strike.
Prolific data, Fed’s tapering, military strike
Both in the UK and Japan, the stock market indexes printed gains with the FTSE 100 up 0.82% and the Nikkei up 0.91%. In Japan, foreign investment in Japanese stocks was -89.5B vs. previous 48.1B yen and foreign bond investment was -318B vs. previous -903.6B. Retail trade (YoY) was -0.3% vs. expected 0% and previous 1.6%. Ahead of the GFK consumer confidence index for August and a prolific amount of Japanese data to be released, Syrian concerns linger as the UN is to meet at 18:30 GMT to vote on the Syrian intervention by the US, the UK, and France among others. Chinese and Russian votes are expected to be vetoes. Fed’s Bullard speech is also expected later today and markets remain ready to hear potential clarification on the monetary stimulus package.
GBP/JPY Technical Levels
Technically speaking, the pair trades at 152.27 between supports at 152.17 (August 21st lows), 151.90 (August 19th lows) ahead of 151.63 (August 14th lows) and resistances at 152.43 (August 14th highs), 152.66 (August 20th highs) followed by 152.93 (August 22nd lows). According to the FXstreet.com trend index, the pair is strongly bullish on one-hour timeframe analysis and remains trading above the EMA20.
Prolific data, Fed’s tapering, military strike
Both in the UK and Japan, the stock market indexes printed gains with the FTSE 100 up 0.82% and the Nikkei up 0.91%. In Japan, foreign investment in Japanese stocks was -89.5B vs. previous 48.1B yen and foreign bond investment was -318B vs. previous -903.6B. Retail trade (YoY) was -0.3% vs. expected 0% and previous 1.6%. Ahead of the GFK consumer confidence index for August and a prolific amount of Japanese data to be released, Syrian concerns linger as the UN is to meet at 18:30 GMT to vote on the Syrian intervention by the US, the UK, and France among others. Chinese and Russian votes are expected to be vetoes. Fed’s Bullard speech is also expected later today and markets remain ready to hear potential clarification on the monetary stimulus package.
GBP/JPY Technical Levels
Technically speaking, the pair trades at 152.27 between supports at 152.17 (August 21st lows), 151.90 (August 19th lows) ahead of 151.63 (August 14th lows) and resistances at 152.43 (August 14th highs), 152.66 (August 20th highs) followed by 152.93 (August 22nd lows). According to the FXstreet.com trend index, the pair is strongly bullish on one-hour timeframe analysis and remains trading above the EMA20.