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23 Sep 2013
GBP/JPY upwards amidst of a Tokyo-holiday session
FXstreet.com (Athens)- The GBP/JPY managed to break the 159.00 resistance, but soon came under pressure later in the session when EUR/JPY and AUD/JPY selling flows fed into thin, Tokyo holiday affected markets.
In a light week for data, outside of the final German election results, markets will likely focus on continuing to digest the lack of Fed tapering last week, and perhaps turn their attention back toward the search for a new Fed Chairman, with the great “favorite” to be Yellen so far.
Technical Outlook and Strategic Bias on GBP/JPY
We should take into consideration that we are ahead a very light week with the only light data being on Friday, regarding the Japanese currency (CPI in Japan). The pair opened with a great gap, mainly on the Japan’s holiday, but as long as the cross remains technically above the 158.40-158.50 area (daily high as of September 13), traders should not be taken aback if the cross could manage to retouch the 160 area and move further upwards. As long as the pair remains above the recent blue flag consolidation, it is more than probable that the downwards pullback from the 160 area, will start to run out of momentum. The cross is now trading at 158.73, down 0.13%.
The FXstreet.com Trend Index shows the pair to be slightly bearish in the 15 minutes timeframe. Daily pivot point support can be found at 158.60, 158.40, 157.80 and resistance at 159.98, 160.16 and 160.75, respectively.
In a light week for data, outside of the final German election results, markets will likely focus on continuing to digest the lack of Fed tapering last week, and perhaps turn their attention back toward the search for a new Fed Chairman, with the great “favorite” to be Yellen so far.
Technical Outlook and Strategic Bias on GBP/JPY
We should take into consideration that we are ahead a very light week with the only light data being on Friday, regarding the Japanese currency (CPI in Japan). The pair opened with a great gap, mainly on the Japan’s holiday, but as long as the cross remains technically above the 158.40-158.50 area (daily high as of September 13), traders should not be taken aback if the cross could manage to retouch the 160 area and move further upwards. As long as the pair remains above the recent blue flag consolidation, it is more than probable that the downwards pullback from the 160 area, will start to run out of momentum. The cross is now trading at 158.73, down 0.13%.
The FXstreet.com Trend Index shows the pair to be slightly bearish in the 15 minutes timeframe. Daily pivot point support can be found at 158.60, 158.40, 157.80 and resistance at 159.98, 160.16 and 160.75, respectively.