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7 Oct 2013
GBP/JPY on strenuous fight to recover the 156 zone below EMA20
FXstreet.com (Chicago) - GBP/JPY/a> gave up four critical zones at 159, 158, 157 and 156 within days on pound’s slacking performance and yen’s strengthening due to the US political crisis bursting risk aversion across the board.
High global awareness
Hours away from Tokyo’s opening and ahead of Japanese data due at 5:00 GMT, market participants keep an eye on global markets movements, the US political crisis potential finale and the BoE interest rate decision later this week.
GBP/JPY Technical Levels
Price action reveals a primary trend diverging from upward medium and short-term trends. After plunging from 159.70 zone last week, the pair extends losses at opening on yen’s strengthening due to safe-haven behavior amid the US political crisis that carries on. Finding grounds around 155.75 lows, the pair attempts to snap back above the 156 zone. Offered at 155.98, the pair oscillates between supports aligned at 155.53 (September 8th lows), 155.19 (September 4th highs) ahead of 154.65 (August 23rd highs) and the resistances set at 156.42 (September 5th highs), 156.95 (September 13th lows) followed by 157.39 (September 30th lows). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis below the EMA20.
High global awareness
Hours away from Tokyo’s opening and ahead of Japanese data due at 5:00 GMT, market participants keep an eye on global markets movements, the US political crisis potential finale and the BoE interest rate decision later this week.
GBP/JPY Technical Levels
Price action reveals a primary trend diverging from upward medium and short-term trends. After plunging from 159.70 zone last week, the pair extends losses at opening on yen’s strengthening due to safe-haven behavior amid the US political crisis that carries on. Finding grounds around 155.75 lows, the pair attempts to snap back above the 156 zone. Offered at 155.98, the pair oscillates between supports aligned at 155.53 (September 8th lows), 155.19 (September 4th highs) ahead of 154.65 (August 23rd highs) and the resistances set at 156.42 (September 5th highs), 156.95 (September 13th lows) followed by 157.39 (September 30th lows). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis below the EMA20.