24 Oct 2013
GBP/JPY violates 157.39 support
FXstreet.com (Chicago) - GBP/JPY extends parallel movement dangerously close to immediate support at 157.39 ahead of Japanese data releases after considerably loss for the pair to now account 0.38% weekly retracements so far.
On Wednesday, the BoE decided to maintain the MPC vote unchanged at 9 with the MPC vote cut flat, matching expectations. Market participants wait for foreign bond and equity investment in Japan due at 23:50 GMT.
GBP/JPY Technical Levels
Technically speaking, the pair continues corrective movement oscillating up and down below and above immediate support aligned at 157.39. After steep fall from 159 levels yesterday, the pair stalls around weekly lows. Offered at 157.368, the pair navigates below immediate support aligned at 157.39 (October 4th highs) now facing 157 (October 16th lows) ahead of 156.54 (October 8th highs). On the upside, resistances are set at 158 (October 16th highs), 158.67 (October 21st highs) followed by 159.52 (October 22nd highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis below the EMA20.
On Wednesday, the BoE decided to maintain the MPC vote unchanged at 9 with the MPC vote cut flat, matching expectations. Market participants wait for foreign bond and equity investment in Japan due at 23:50 GMT.
GBP/JPY Technical Levels
Technically speaking, the pair continues corrective movement oscillating up and down below and above immediate support aligned at 157.39. After steep fall from 159 levels yesterday, the pair stalls around weekly lows. Offered at 157.368, the pair navigates below immediate support aligned at 157.39 (October 4th highs) now facing 157 (October 16th lows) ahead of 156.54 (October 8th highs). On the upside, resistances are set at 158 (October 16th highs), 158.67 (October 21st highs) followed by 159.52 (October 22nd highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis below the EMA20.