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9 Sep 2013
GBP/JPY gives in 150.60 May highs front after 30 pips retracement
FXstreet.com (Chicago) - GBP/JPY reached 3.5-month peaks after soaring to 156.65 highs. The pound maintains high performance in the afternoon of the American trading session advancing 103 pips so far.
Olympics win, light UK session
The FTSE 100 closed down 0.25% on light data release session in the UK. Ahead of the RICS housing price balance, market participants digest earlier GDP results in Japan at GDP annualized (Q2) reaching 3.8% and outperforming expectations at 3.7%. In Japan, the Nikkei was uplifted by Tokyo’s win to host 2020 Summer Olympics and closed registering 2.48% gains.
GBP/JPY Technical Levels
Price action reveals the extension of a bullish channel all the way back from last September 2012. The primary trend remains pointing up and shorter timeframes are consolidated by patterns such as last week’s runaway gap. The pair reaches higher lows to trade at 156.38 between supports at 156 (September 8th highs), 155.55 (September 8th lows) ahead of 155.10 (September 4th lows) and resistances at 156.60 (session highs), 157.62 (July 2009 highs) followed by 160.15 (May 2009 highs). According to the FXstreet.com trend index, the pair is reported as slightly bullish on one-hour timeframe analysis and is offered above the EMA20.
Olympics win, light UK session
The FTSE 100 closed down 0.25% on light data release session in the UK. Ahead of the RICS housing price balance, market participants digest earlier GDP results in Japan at GDP annualized (Q2) reaching 3.8% and outperforming expectations at 3.7%. In Japan, the Nikkei was uplifted by Tokyo’s win to host 2020 Summer Olympics and closed registering 2.48% gains.
GBP/JPY Technical Levels
Price action reveals the extension of a bullish channel all the way back from last September 2012. The primary trend remains pointing up and shorter timeframes are consolidated by patterns such as last week’s runaway gap. The pair reaches higher lows to trade at 156.38 between supports at 156 (September 8th highs), 155.55 (September 8th lows) ahead of 155.10 (September 4th lows) and resistances at 156.60 (session highs), 157.62 (July 2009 highs) followed by 160.15 (May 2009 highs). According to the FXstreet.com trend index, the pair is reported as slightly bullish on one-hour timeframe analysis and is offered above the EMA20.