5 Nov 2013
GBP/JPY aiming higher?
FXstreet.com (Chicago) - GBP/JPY prints higher lows yet lower highs on potential ascending triangle formation ahead of Tokyo’s opening and Kuroda’s speech later on in Japan.
PMI construction data in the UK surprised positively at 59.4 vs. expected 58.9. Japan’s monetary base is due within minutes (23:50 GMT) along the BoJ’s governor speech at 5:30 GMT. In the meantime, Tokyo’s opening is expected after one day off on holiday.
GBP/JPY Technical Levels
Technically speaking, the pair is offered at 157.48 and oscillates between the supports aligned at 157.15 (October 24th lows), 156.82 (October 31st lows) followed by 156.40 (September 4th highs) and the resistances aligned at 157.62 (October 24th highs), 158 (October 25th highs) and 158.34 (October 17th highs). Price action reveals the pair prints higher highs and lows consolidating the upward trendline that started last October 31st on reversal day.
PMI construction data in the UK surprised positively at 59.4 vs. expected 58.9. Japan’s monetary base is due within minutes (23:50 GMT) along the BoJ’s governor speech at 5:30 GMT. In the meantime, Tokyo’s opening is expected after one day off on holiday.
GBP/JPY Technical Levels
Technically speaking, the pair is offered at 157.48 and oscillates between the supports aligned at 157.15 (October 24th lows), 156.82 (October 31st lows) followed by 156.40 (September 4th highs) and the resistances aligned at 157.62 (October 24th highs), 158 (October 25th highs) and 158.34 (October 17th highs). Price action reveals the pair prints higher highs and lows consolidating the upward trendline that started last October 31st on reversal day.