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20 Sep 2013
GBP/JPY prints lower highs below 159.40 zone
FXstreet.com (Chicago) - GBP/JPY trades sideways prior to Tokyo’s opening after failing to breakthrough 150.50 zone. Lower highs indicate bearish outweigh bulls’ upward pressure.
More talks
The FTSE100 closed up 1.01% yesterday while the Nikkei 225 traded up 1.80% at closing. Retail sales in the UK failed to meet expectations (2.1% vs. exp. 3.3% for RS and RS ex-fuel at 2.3% vs. 3.1% exp – YoY). In Japan, BoJ Governor Kuroda is to speak again later today after yesterday’s remarks on an economy that “continues moderate recovery”. Prior to Tokyo’s opening, it’s good to recall the pair has won 104 pips against the yen so far to accumulate a total of 461 this month.
GBP/JPY Technical Levels
Printing lower highs prior to Tokyo’s opening, the pair maintains 4-year altitudes and extends corrective price movement on gradual descend after limits found around the 159.50 zone. Offered at 159.38, the pair oscillates between supports aligned at 158.51 (September 10th highs), 157.98 (September 13th highs) ahead of 157.47 (September 17th lows) and resistances set at 159.50 (September 18th highs), 159.93 (session highs) followed by 160.31 (May 24th 2009 highs). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis. Printing double tops on a single session (September 19th) and a spike near 156 zone, a potential head and shoulders may be on its way.
More talks
The FTSE100 closed up 1.01% yesterday while the Nikkei 225 traded up 1.80% at closing. Retail sales in the UK failed to meet expectations (2.1% vs. exp. 3.3% for RS and RS ex-fuel at 2.3% vs. 3.1% exp – YoY). In Japan, BoJ Governor Kuroda is to speak again later today after yesterday’s remarks on an economy that “continues moderate recovery”. Prior to Tokyo’s opening, it’s good to recall the pair has won 104 pips against the yen so far to accumulate a total of 461 this month.
GBP/JPY Technical Levels
Printing lower highs prior to Tokyo’s opening, the pair maintains 4-year altitudes and extends corrective price movement on gradual descend after limits found around the 159.50 zone. Offered at 159.38, the pair oscillates between supports aligned at 158.51 (September 10th highs), 157.98 (September 13th highs) ahead of 157.47 (September 17th lows) and resistances set at 159.50 (September 18th highs), 159.93 (session highs) followed by 160.31 (May 24th 2009 highs). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis. Printing double tops on a single session (September 19th) and a spike near 156 zone, a potential head and shoulders may be on its way.