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1 Oct 2013
GBP/JPY posts bullish reversal candle Tuesday and continues very bullish chart pattern
FXstreet.com (Barcelona) - The GBP/JPY rallied off of the 157.38 level late in the European session and finished the day all the way up at 159.10. The Yen had been bid up earlier in the session but fell fairly hard once it tested resistance on the Yen futures chart.
GBP/JPY traders to be watching Japanese and British data Tuesday
Early on Tuesday, GBP/JPY traders will get to trade off of the Japanese unemployment and household spending data. Later, as the European trading session is in ramping up, the British Manufacturing PMI data will be released. Plenty of attention will continue to be focused on the activity and developments in the US as they will certainly have an effect on the global risk appetite.
Technical outlook for GBP/JPY
The first two short-term support levels for GBP/JPY come in at 158.80 and 158.50 according to technicians. The near-term resistance comes in at Monday’s high at 159.40 and is backed up by the 9/19 high at 159.97.
GBP/JPY traders to be watching Japanese and British data Tuesday
Early on Tuesday, GBP/JPY traders will get to trade off of the Japanese unemployment and household spending data. Later, as the European trading session is in ramping up, the British Manufacturing PMI data will be released. Plenty of attention will continue to be focused on the activity and developments in the US as they will certainly have an effect on the global risk appetite.
Technical outlook for GBP/JPY
The first two short-term support levels for GBP/JPY come in at 158.80 and 158.50 according to technicians. The near-term resistance comes in at Monday’s high at 159.40 and is backed up by the 9/19 high at 159.97.