13 Nov 2013
GBP/JPY under pressure; 158.20, 50% Fibo
FXstreet.com (Chicago) - GBP/JPY trades around the 50% Fibonacci level (157.20/159.20) shortly after the release of Japanese data extending the bearish channel that originated on Tuesday.
Earlier in the UK, the CPI series was worse than expected weakening the pound to propagate the bearish momentum. The domestic corporate goods price index (MoM) for October was -0.1% vs. expected -0.2%. Yearly data was 2.5%, matching estimates. Machinery orders were -2.1% vs. expected -1.8%.
GBP/JPY Technical Levels
Price action reveals the pair trades downward still close to immediate resistance (previous support). Offered at 158.31, the pair oscillates between the supports aligned at 158 (November 12th lows), 157.62 (October 29th highs) followed by 157.28 (November 7th lows) and the resistances set at 158.34 (November 11th lows), 158.75 (November 10th highs) ahead of 159.35 (October 22nd highs). According to the FXstreet.com trend index, the pair is strongly bearish on one-hour timeframe analysis and flows below the EMA20.
Earlier in the UK, the CPI series was worse than expected weakening the pound to propagate the bearish momentum. The domestic corporate goods price index (MoM) for October was -0.1% vs. expected -0.2%. Yearly data was 2.5%, matching estimates. Machinery orders were -2.1% vs. expected -1.8%.
GBP/JPY Technical Levels
Price action reveals the pair trades downward still close to immediate resistance (previous support). Offered at 158.31, the pair oscillates between the supports aligned at 158 (November 12th lows), 157.62 (October 29th highs) followed by 157.28 (November 7th lows) and the resistances set at 158.34 (November 11th lows), 158.75 (November 10th highs) ahead of 159.35 (October 22nd highs). According to the FXstreet.com trend index, the pair is strongly bearish on one-hour timeframe analysis and flows below the EMA20.