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4 Oct 2013
GBP/JPY attempts consolidation back above 157 from 156.87 lows
FXstreet.com (Chicago) - GBP/JPY continues extending downward trendline from double-tops patterns (September 19th highs and October 1st highs) printing 156.87 session lows on yen’s strengthening.
Ahead of the BoJ interest rate decision and Nikkei 225’s weakening, printing 1.07% lows, the pair seems to find grounds, bounce off and snap back above the 157.00 for potential reversal consolidation. On recent reports by ForexLive, Japanese Finance Minister was reported as saying corporate taxes cuts should be done to level field evenly for Japanese companies.
GBP/JPY Technical Levels
Technically speaking, the pair is offered at 157.12 oscillating between supports aligned at 156.95 (September 30th lows), 156.42 (September 16th highs) ahead of 155.53 (September 27th lows) and the resistances set at 157.39 (September 13th lows), 157.90 (September 4th highs) followed by 158.24 (September 9th lows). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis. Printing gradual lower highs and lows, the pair falls to bearish pressure despite earlier 157.41 spike.
Ahead of the BoJ interest rate decision and Nikkei 225’s weakening, printing 1.07% lows, the pair seems to find grounds, bounce off and snap back above the 157.00 for potential reversal consolidation. On recent reports by ForexLive, Japanese Finance Minister was reported as saying corporate taxes cuts should be done to level field evenly for Japanese companies.
GBP/JPY Technical Levels
Technically speaking, the pair is offered at 157.12 oscillating between supports aligned at 156.95 (September 30th lows), 156.42 (September 16th highs) ahead of 155.53 (September 27th lows) and the resistances set at 157.39 (September 13th lows), 157.90 (September 4th highs) followed by 158.24 (September 9th lows). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis. Printing gradual lower highs and lows, the pair falls to bearish pressure despite earlier 157.41 spike.