28 Oct 2013
GBP/JPY correcting, erasing gains below 157.80
FXstreet.com (Chicago) - GBP/JPYseems to lose momentum minutes ahead of Tokyo’s opening after impulsive move that led the pair to the 158 front. The yen seemed to recover strength after a weak start on governor comments about reduction of pension plans in the country.
GBP/JPY Technical Levels
Price action reveals a strong resistance around 158.11, session highs. The pair wipes out most gains after opening gap on strong bullish move but bearish pressure presses down below the 158.70 front. On long-term charts, the pair points down similarly to short-term timeframes. Offered at 157.64, the pair oscillates between the supports aligned at 157.59 (October 15th highs), 157.35 (October 3rd highs) ahead of 157 (October 16th lows) and the resistances aligned at 158 (session highs), 158.28 (October 23rd highs) ahead of 158.77 (October 20th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis above the EMA20.
GBP/JPY Technical Levels
Price action reveals a strong resistance around 158.11, session highs. The pair wipes out most gains after opening gap on strong bullish move but bearish pressure presses down below the 158.70 front. On long-term charts, the pair points down similarly to short-term timeframes. Offered at 157.64, the pair oscillates between the supports aligned at 157.59 (October 15th highs), 157.35 (October 3rd highs) ahead of 157 (October 16th lows) and the resistances aligned at 158 (session highs), 158.28 (October 23rd highs) ahead of 158.77 (October 20th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis above the EMA20.