27 Sep 2013
GBP/JPY…impossible to break through 158.80?
FXstreet.com (Chicago) - GBP/JPY continues printing higher highs and lows after reaching 158.60 lows. The remains held down by the 158.80 zone despite several attempts to break through ahead of Tokyo’s opening.
On recent Japanese data made public, foreign bond investments were 174.8B vs. past 922.6B and foreign investments in Japanese stocks were 181.3B vs. past 152.9B
GBP/JPY Price action
Price action reveals the extension of August 7th’s upward trendline despite the early week lows due to the knee-jerk reaction by market participants after the announcement of a potential corporate tax decline. The pair trades at 158.71 and oscillates between supports aligned at 158.51 (September 22nd lows), 157.96 (September 13th highs) and 157.47 (September 17th lows) and resistances set at 159.50 (September 20th highs), 160 (September 18th highs) and 161.46 (May 24th 2009 highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis and remains above the EMA20.
On recent Japanese data made public, foreign bond investments were 174.8B vs. past 922.6B and foreign investments in Japanese stocks were 181.3B vs. past 152.9B
GBP/JPY Price action
Price action reveals the extension of August 7th’s upward trendline despite the early week lows due to the knee-jerk reaction by market participants after the announcement of a potential corporate tax decline. The pair trades at 158.71 and oscillates between supports aligned at 158.51 (September 22nd lows), 157.96 (September 13th highs) and 157.47 (September 17th lows) and resistances set at 159.50 (September 20th highs), 160 (September 18th highs) and 161.46 (May 24th 2009 highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis and remains above the EMA20.