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17 Sep 2013
GBP/JPY stalling below the 158 round
FXstreet.com (Barcelona) - The GBP/JPY foreign exchange cross rate is currently trading at 157.55 slightly in the negative for the week so far with Nikkei futures pointing to a mild higher open in Tokyo in less than 1 hour time.
GBP/JPY attempting to consolidate
“A drop under its 200-hour SMA to almost a two-week low of 150.54 on August 28, goaded the pair to start a sharp appreciation to hit more than a four-year high of 158.56 on September 11,” said the Dukascopy Bank Team, adding: “However, GBP/JPY failed to sustain fast pace of its advancement and retreated slightly from the level of 158.56 to falter near the daily pivot point at 157.38. Currently, the pair is attempting to consolidate above the four-hour resistance at 157.58. If overcome GBP/JPY is likely to confirm the bullish traders’ outlook and move to the next resistance zone at 157.82/96 (four-hour R2, R1), a rise above which will foster a jump to the daily resistance at 158.06.”
GBP/JPY key technical levels
Immediate support to the downside for GBP/JPY lies at recent session lows 157.38, followed by Friday's lows at 157.04, and recent Thursday's lows at 156.69. To the upside, closest resistance shows at NY session highs 157.76, followed by Monday's/Friday's highs at 157.95, and Thursday's highs at 158.26.
GBP/JPY attempting to consolidate
“A drop under its 200-hour SMA to almost a two-week low of 150.54 on August 28, goaded the pair to start a sharp appreciation to hit more than a four-year high of 158.56 on September 11,” said the Dukascopy Bank Team, adding: “However, GBP/JPY failed to sustain fast pace of its advancement and retreated slightly from the level of 158.56 to falter near the daily pivot point at 157.38. Currently, the pair is attempting to consolidate above the four-hour resistance at 157.58. If overcome GBP/JPY is likely to confirm the bullish traders’ outlook and move to the next resistance zone at 157.82/96 (four-hour R2, R1), a rise above which will foster a jump to the daily resistance at 158.06.”
GBP/JPY key technical levels
Immediate support to the downside for GBP/JPY lies at recent session lows 157.38, followed by Friday's lows at 157.04, and recent Thursday's lows at 156.69. To the upside, closest resistance shows at NY session highs 157.76, followed by Monday's/Friday's highs at 157.95, and Thursday's highs at 158.26.