11 Oct 2013
GBP/JPY violates support after 157.06 impulsive bullish reaction
FXstreet.com (Chicago) - GBP/JPY soared to 157.06 session highs and altitudes not seen in 7 days after market participants reacted positively to republicans’ proposal and Boehner’s proposal to lift the debt ceiling for 6 more weeks.
On latest news, it is informed republicans and democrats just left the White House after meeting. No public announcements have been made yet.
GBP/JPY Technical Levels
After reaching the 157 zone, the pair is around the 156.60 zone and struggles to react to bearish pressure. Technically speaking, the pair is offered at 156.60 and navigates between the supports aligned at 156.67 (October 8th highs), 156 (September 4th highs), 155.40 (October 4th lows) and the resistances set at 157.35 (September 28th lows), 157.89 (September 16th highs), 158.58 (September 11th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis above the EMA20. The upward trendline from yesterday remains intact on potential reversal (primary trend diverging from current price movement pointing up).
On latest news, it is informed republicans and democrats just left the White House after meeting. No public announcements have been made yet.
GBP/JPY Technical Levels
After reaching the 157 zone, the pair is around the 156.60 zone and struggles to react to bearish pressure. Technically speaking, the pair is offered at 156.60 and navigates between the supports aligned at 156.67 (October 8th highs), 156 (September 4th highs), 155.40 (October 4th lows) and the resistances set at 157.35 (September 28th lows), 157.89 (September 16th highs), 158.58 (September 11th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis above the EMA20. The upward trendline from yesterday remains intact on potential reversal (primary trend diverging from current price movement pointing up).