12 Sep 2013
GBP/JPY pulls it off; back above 157.00 zone
FXstreet.com (Chicago) - GBP/JPY flirted with the immediate support at 156.60 but bulls outweighed bears and pulled back the price above 157.00. The pair attempts to consolidate above the key psychological zone bouncing off strong from 156.70 session lows.
Price action reveals a steady decline throughout the session that seems to be reversing as the pair touched 156.70 grounds but regained the 157.00 zone and now points up. The pair remains below the upward trendline after yesterday’s fall. Offered at 157.16, the pair oscillates between supports 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 bearish on one-hour timeframe analysis and remains offered below the EMA20.
Earlier in the UK, the FTSE 100 closed with minimal gains up 0.01% while the Nikkei registered 0.26% losses.
Price action reveals a steady decline throughout the session that seems to be reversing as the pair touched 156.70 grounds but regained the 157.00 zone and now points up. The pair remains below the upward trendline after yesterday’s fall. Offered at 157.16, the pair oscillates between supports 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 bearish on one-hour timeframe analysis and remains offered below the EMA20.
Earlier in the UK, the FTSE 100 closed with minimal gains up 0.01% while the Nikkei registered 0.26% losses.