28 Jun 2013
GBP/JPY holding above 150 despite Pound weakness
FXstreet.com (Barcelona) - Even though Pound has been the weakest currency among majors in last 2 trading days, its cross rate against the Yen has recovered some ground since printed a double weekly low in late London session at 149.26, quoting last at 150.21, near current session highs.
Lower on Pound weakness
“Trade through the 149.70 3-day floor yesterday hasn't been reclaimed, and although GBP has generally ranged today, the market continues to face flat/lower into support in the 147-8 range,” said the FXMarketAlerts Team. The GBP/JPY cross is down -0.49% for the week so far, while still around +8% year to date.
Key technical levels
Immediate resistance to the upside for GBP/JPY shows at early London session highs 150.62, followed by Wednesday's highs at 151.40, and Tuesday's highs at 151.50. To the downside, closest support lies at Monday/Tuesday lows 149.70, followed by double weekly lows yesterday's/Wednesday's at 149.26, and June 19 lows at 148.29.
Lower on Pound weakness
“Trade through the 149.70 3-day floor yesterday hasn't been reclaimed, and although GBP has generally ranged today, the market continues to face flat/lower into support in the 147-8 range,” said the FXMarketAlerts Team. The GBP/JPY cross is down -0.49% for the week so far, while still around +8% year to date.
Key technical levels
Immediate resistance to the upside for GBP/JPY shows at early London session highs 150.62, followed by Wednesday's highs at 151.40, and Tuesday's highs at 151.50. To the downside, closest support lies at Monday/Tuesday lows 149.70, followed by double weekly lows yesterday's/Wednesday's at 149.26, and June 19 lows at 148.29.