16 Oct 2013
GBP/JPY gives in 157.40
FXstreet.com (Chicago) - GBP/JPY prints lower highs and lows after mood changes among market participants fueled by the US crisis developments and due data expectations.
Uncertainty mode
Ahead of UK data past a day that published mixed results with the PPIs printing disappointing averages compared to expectations and yet CPIs beating estimates, market participants hesitate between risk or prevention as the US crisis may lead to a potential default with unknown consequences.
GBP/JPY Technical Levels
Technically speaking, the pair gets off support after remarkable recovery yesterday extending sideways trading on 1HR timeframe forming rectangular pattern. Offered at 157.41, the pair oscillates between supports aligned at 157.39 (September 30th lows), 156.95 (September 15th lows) ahead of 156.42 (September 4th highs) and the resistances set at 158 (September 26th lows), 158.83 (October 2nd highs) followed by 160 (September 30th highs).
Uncertainty mode
Ahead of UK data past a day that published mixed results with the PPIs printing disappointing averages compared to expectations and yet CPIs beating estimates, market participants hesitate between risk or prevention as the US crisis may lead to a potential default with unknown consequences.
GBP/JPY Technical Levels
Technically speaking, the pair gets off support after remarkable recovery yesterday extending sideways trading on 1HR timeframe forming rectangular pattern. Offered at 157.41, the pair oscillates between supports aligned at 157.39 (September 30th lows), 156.95 (September 15th lows) ahead of 156.42 (September 4th highs) and the resistances set at 158 (September 26th lows), 158.83 (October 2nd highs) followed by 160 (September 30th highs).