8 Aug 2013
GBP/JPY fading below 150 despite Pound strength
FXstreet.com (Barcelona) - The GBP/JPY foreign exchange cross rate is last trading at 149.37, right where it was by yesterday's Tokyo open, off mid London session and daily highs at 150.72, printed on the back of BoE low rate guidance.
GBP/JPY still bullish while above 147/148
“Weekly charts remain top-heavy, but prices have yet to produce a weekly close below the key weekly Kijun line or 50% of the 137.85-156.67 uptrend at 147.30/26,” said IFRMarkets analysts. According to the FXMarketAlerts Team, once the GBP/JPY cross has broken below the 150.20 key support, their bullish view looking for 151.50 into 153 “moderates,” the Team said, “but only cancels now below 148.20.”
GBP/JPY key technical levels
Immediate support to the downside for GBP/JPY lies at current levels as July 30 lows 149.14, followed by July 11 lows at 148.87, and July 10 lows at 148.76. To the upside, closest resistance shows at June 21/25-July 16 lows at 149.64/71/76, followed by July 29 lows at 149.97, and Monday's lows at 150.31.
GBP/JPY still bullish while above 147/148
“Weekly charts remain top-heavy, but prices have yet to produce a weekly close below the key weekly Kijun line or 50% of the 137.85-156.67 uptrend at 147.30/26,” said IFRMarkets analysts. According to the FXMarketAlerts Team, once the GBP/JPY cross has broken below the 150.20 key support, their bullish view looking for 151.50 into 153 “moderates,” the Team said, “but only cancels now below 148.20.”
GBP/JPY key technical levels
Immediate support to the downside for GBP/JPY lies at current levels as July 30 lows 149.14, followed by July 11 lows at 148.87, and July 10 lows at 148.76. To the upside, closest resistance shows at June 21/25-July 16 lows at 149.64/71/76, followed by July 29 lows at 149.97, and Monday's lows at 150.31.