15 Oct 2013
GBP/JPY deflating ahead of Tokyo close to 157.60
FXstreet.com (Chicago) - GBP/JPY reached the zone around 157.70 before retracing minimally below the 157.60 zone ahead of data releases in both regions with the UK leading prolific data.
Yen declines
Ahead of prolific data releases in the UK and industrial production results in Japan, the yen continues losing strength across most currency pairs on progress made in Washington to solve the political impasse.
GBP/JPY Technical Levels
Price action reveals the pair is capped below the 157.70 zone ahead of Tokyo’s opening despite steady climb throughout Monday. With an upward trendline originated last October 9th, the pair extends the line’s rhythm. Offered at 157.52, the pair oscillates between supports aligned at 157.39 (September 30th lows), 156.95 (September 15th lows) ahead of 156.42 (September 4th highs) and the resistances set at 158 (September 26th lows), 158.83 (October 2nd highs) followed by 160 (September 30th highs).
Yen declines
Ahead of prolific data releases in the UK and industrial production results in Japan, the yen continues losing strength across most currency pairs on progress made in Washington to solve the political impasse.
GBP/JPY Technical Levels
Price action reveals the pair is capped below the 157.70 zone ahead of Tokyo’s opening despite steady climb throughout Monday. With an upward trendline originated last October 9th, the pair extends the line’s rhythm. Offered at 157.52, the pair oscillates between supports aligned at 157.39 (September 30th lows), 156.95 (September 15th lows) ahead of 156.42 (September 4th highs) and the resistances set at 158 (September 26th lows), 158.83 (October 2nd highs) followed by 160 (September 30th highs).