24 Sep 2013
GBP/JPY breaks through 158.50 limits to deflate to 158.40, below EMA20
FXstreet.com (Chicago) - GBP/JPY soared to 158.58 session highs after trading on downward trend before Tokyo’s opening. The pair attempts to recover 0.27% in losses incurred throughout Monday.
Price action reveals the pair continues flowing around 4-year highs above the 158 zone and extending upward trendline starting last June 2012. The primary trend points up while the secondary trend seems to point down although higher lows are registered after the opening bell in the land of the rising sun. Offered at 158.44, the pair oscillates between supports aligned at 158 (September 15th highs), 157.47 (September 17th lows) followed by 156.91 (September 15th lows) and the resistances aligned at 158.51 (September 11th highs), 159.50 (September 20th highs) ahead of 156 (September 19th max). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe and trades below the EMA20.
Price action reveals the pair continues flowing around 4-year highs above the 158 zone and extending upward trendline starting last June 2012. The primary trend points up while the secondary trend seems to point down although higher lows are registered after the opening bell in the land of the rising sun. Offered at 158.44, the pair oscillates between supports aligned at 158 (September 15th highs), 157.47 (September 17th lows) followed by 156.91 (September 15th lows) and the resistances aligned at 158.51 (September 11th highs), 159.50 (September 20th highs) ahead of 156 (September 19th max). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe and trades below the EMA20.