24 Jul 2013
GBP/JPY easing below 153
The GBP/JPY foreign exchange cross rate is last trading at 152.88, off recent session highs at 153.11, retracing from late London session double weekly high at 153.66 on the back of Yen strength, despite the fact Pound has been third strongest currency among majors last 2 trading days, below Aussie and Kiwi.
GBP/JPY uptrend intact
According to IFR Markets analysts though the cross uptrend remains intact, they said, adding: “Seeing some consolidation as daily oscillators brush against overbought and upper Bolli band trigger some long profit-taking, but the ADX setup looks bullish.” GBP/JPY is slightly in the negative for the week so far, but still close to +10% higher year to date.
GBP/JPY key technical levels
Immediate support to the downside for GBP/JPY lies at recent session lows 152.68, followed by yesterday's/Monday's double weekly low at 152.33, and Friday's lows/July 17 highs at 152.14/10. To the upside, closest resistance shows at Friday's Asian session highs 153.38, followed by mentioned recent double weekly highs at 153.66/68, and June 11 highs at 154.28.
GBP/JPY uptrend intact
According to IFR Markets analysts though the cross uptrend remains intact, they said, adding: “Seeing some consolidation as daily oscillators brush against overbought and upper Bolli band trigger some long profit-taking, but the ADX setup looks bullish.” GBP/JPY is slightly in the negative for the week so far, but still close to +10% higher year to date.
GBP/JPY key technical levels
Immediate support to the downside for GBP/JPY lies at recent session lows 152.68, followed by yesterday's/Monday's double weekly low at 152.33, and Friday's lows/July 17 highs at 152.14/10. To the upside, closest resistance shows at Friday's Asian session highs 153.38, followed by mentioned recent double weekly highs at 153.66/68, and June 11 highs at 154.28.