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19 Sep 2013
GBP/JPY relentless to give up the 159.00 zone despite retracement
FXstreet.com (Chicago) - GBP/JPY extends losses in the afternoon of the American trading session. The pair seems to find inconclusive supports around the 159.10 zone.
Earlier data
Earlier today, market participants digested two official speeches from BoJ board member Kiuchi and BoJ Governor Kuroda. With better than expected leading economic and coincident indexes and a strong Nikkei 225 up 1.80%, the yen traded low key during Asia. Later in the day, UK data was released with retail sales weaker than expected, triggering an unfavorable reaction for the pound across the board. At 2.3%, retail ex-fuel (YoY) failed to meet expected 3.1% similarly to retail sales at 2.1% vs. expected 3.3%.
GBP/JPY Technical Levels
Price action reveals a pair that continues trading strong above the 159.00 zone despite retracing from 160.05 session highs earlier in the day. Maintaining 4-year altitudes, the pair is offered at 159.13 and oscillates between the supports aligned at 158.51 (September 10th highs), 157.98 (September 13th highs) ahead of 157.47 (September 17th lows) and resistances set at 159.50 (September 18th highs), 159.93 (session highs) followed by 160.31 (May 24th 2009 highs). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis and remains above the EMA20.
Earlier data
Earlier today, market participants digested two official speeches from BoJ board member Kiuchi and BoJ Governor Kuroda. With better than expected leading economic and coincident indexes and a strong Nikkei 225 up 1.80%, the yen traded low key during Asia. Later in the day, UK data was released with retail sales weaker than expected, triggering an unfavorable reaction for the pound across the board. At 2.3%, retail ex-fuel (YoY) failed to meet expected 3.1% similarly to retail sales at 2.1% vs. expected 3.3%.
GBP/JPY Technical Levels
Price action reveals a pair that continues trading strong above the 159.00 zone despite retracing from 160.05 session highs earlier in the day. Maintaining 4-year altitudes, the pair is offered at 159.13 and oscillates between the supports aligned at 158.51 (September 10th highs), 157.98 (September 13th highs) ahead of 157.47 (September 17th lows) and resistances set at 159.50 (September 18th highs), 159.93 (session highs) followed by 160.31 (May 24th 2009 highs). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis and remains above the EMA20.