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9 Oct 2013
GBP/JPY regains 156.20 ahead of Tokyo
FXstreet.com (Chicago) - GBP/JPY is pressed higher minutes ahead of Tokyo’s opening reaching the 156.20 zone but failing to maintain altitudes.
Data releases
The BoJ monetary policy meeting minutes are due at 23:50 followed by machine tool orders data and the BoJ deputy Governor Nakaso speech in Japan. In the UK, market participants wait for a plethora of data around 8:30 GMT ranging from industrial production to trade balance and manufacturing results.
GBP/JPY Technical Levels
Price action reveals the pair attempts to climb back above the 157 front. With a primary trend pointing down and secondary one diverging the pair holds on to bearish pressure on potential reversal. Offered at 156.18, the pair navigates between supports aligned at 155.53 (September 8th lows), 155.19 (September 4th highs) ahead of 154.65 (August 23rd highs) and the resistances set at 156.42 (September 5th highs), 156.95 (September 13th lows) followed by 157.39 (September 30th lows). According to the FXstreet.com trend index, the pair is strongly bearish on one-hour timeframe analysis with a neutral EMA20.
Data releases
The BoJ monetary policy meeting minutes are due at 23:50 followed by machine tool orders data and the BoJ deputy Governor Nakaso speech in Japan. In the UK, market participants wait for a plethora of data around 8:30 GMT ranging from industrial production to trade balance and manufacturing results.
GBP/JPY Technical Levels
Price action reveals the pair attempts to climb back above the 157 front. With a primary trend pointing down and secondary one diverging the pair holds on to bearish pressure on potential reversal. Offered at 156.18, the pair navigates between supports aligned at 155.53 (September 8th lows), 155.19 (September 4th highs) ahead of 154.65 (August 23rd highs) and the resistances set at 156.42 (September 5th highs), 156.95 (September 13th lows) followed by 157.39 (September 30th lows). According to the FXstreet.com trend index, the pair is strongly bearish on one-hour timeframe analysis with a neutral EMA20.