30 Jul 2013
GBP/JPY bounces off 150 support on Yen weakness
FXstreet.com (Barcelona) - The GBP/JPY foreign exchange cross rate is last trading at fresh session highs 150.56 on the back of recent Yen weakness, even though Pound is also weak, while the Nikkei index opens higher above the 13700 points, up +0.31%.
GBP/JPY further decline ahead
According to IFR Markets analysts the cross is ready for “further decline in days ahead,” and so they pretend to sell “a bounce to the 151.00 big figure,” the analysts said. “The bearsih daily close on Friday below the 50 day moving average at 151.6 suggests bears are back in control and a test of June lows at 147 is quite likely,” IFR Markets added.
GBP/JPY key technical levels
Immediate resistance to the upside for GBP/JPY shows at recent session highs/Friday's lows 150.59/70, followed by July 16 highs at 151.14, and yesterday's weekly highs at 151.36. To the downside closest support lies at yesterday's Asian session lows 150.30, followed by recent NY session/weekly lows at 149.98, and July 16 lows at 149.75.
GBP/JPY further decline ahead
According to IFR Markets analysts the cross is ready for “further decline in days ahead,” and so they pretend to sell “a bounce to the 151.00 big figure,” the analysts said. “The bearsih daily close on Friday below the 50 day moving average at 151.6 suggests bears are back in control and a test of June lows at 147 is quite likely,” IFR Markets added.
GBP/JPY key technical levels
Immediate resistance to the upside for GBP/JPY shows at recent session highs/Friday's lows 150.59/70, followed by July 16 highs at 151.14, and yesterday's weekly highs at 151.36. To the downside closest support lies at yesterday's Asian session lows 150.30, followed by recent NY session/weekly lows at 149.98, and July 16 lows at 149.75.