13 Nov 2013
GBP/JPY back down at 158 after failing to conquer 159 for days
FXstreet.com (Barcelona) - GBP/JPY is acting rather indecisively right now as both the British Pound and Japanese Yen have been conspicuously weak recently. So, in the “best of the worst” battle, there appears to be a real tug-of-war going on presently.
GBP/JPY traders will be focused on the big British data due out Wednesday
British unemployment figures, average earnings, the Bank of England’s Quarterly Inflation Report and a speech scheduled to be given by the BOE’s Governor Carney are all going to be followed carefully by GBP/JPY traders.
Technical outlook for GBP/JPY
Technicians say that GBP/JPY is headed for a test of the 11/7 low of 157.28 at least and is likely headed to projected “correction support” at 156.89. Resistance comes in at the recent intraday high at 159.26 nad is backed up at the 10/1 intraday high of 159.93.
GBP/JPY traders will be focused on the big British data due out Wednesday
British unemployment figures, average earnings, the Bank of England’s Quarterly Inflation Report and a speech scheduled to be given by the BOE’s Governor Carney are all going to be followed carefully by GBP/JPY traders.
Technical outlook for GBP/JPY
Technicians say that GBP/JPY is headed for a test of the 11/7 low of 157.28 at least and is likely headed to projected “correction support” at 156.89. Resistance comes in at the recent intraday high at 159.26 nad is backed up at the 10/1 intraday high of 159.93.