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9 Sep 2013
GBP/JPY rejected below double high at 156.50
FXstreet.com (Barcelona) - The GBP/JPY foreign exchange cross rate is currently retracing at 155.63 off early session highs at 156.50 printed on the back of massive Yen weakness following Tokyo winning Olympic bid thru the weekend, and Nikkei index opening higher up more than +2%.
GBP/JPY favoring longs towards intraday trading
“Strong rebound on opening from last Friday's low of 154.15 is shifting focus towards last week's high of 156.43 ahead of stronger level behind at 156.77,” said the FXMarketAlerts Team, adding: “Above latter will be a bigger boost on the upside. Longs favoured towards intraday trading.” The cross is still +0.45% higher for the day, despite the fact USD/JPY has pared half the gains earned at the open gapping to the upside.
GBP/JPY key technical levels
Immediate support to the downside for GBP/JPY lies at current levels as past Tuesday's highs 155.56, followed by past Monday's highs and previous weekly close Friday at 154.95, and past Tuesday's lows at 154.40. To the upside, closest resistance shows at Wednesday's highs 155.99, followed by Friday's highs at 156.23, and mentioned double session/Thursday's highs at 156.50.
GBP/JPY favoring longs towards intraday trading
“Strong rebound on opening from last Friday's low of 154.15 is shifting focus towards last week's high of 156.43 ahead of stronger level behind at 156.77,” said the FXMarketAlerts Team, adding: “Above latter will be a bigger boost on the upside. Longs favoured towards intraday trading.” The cross is still +0.45% higher for the day, despite the fact USD/JPY has pared half the gains earned at the open gapping to the upside.
GBP/JPY key technical levels
Immediate support to the downside for GBP/JPY lies at current levels as past Tuesday's highs 155.56, followed by past Monday's highs and previous weekly close Friday at 154.95, and past Tuesday's lows at 154.40. To the upside, closest resistance shows at Wednesday's highs 155.99, followed by Friday's highs at 156.23, and mentioned double session/Thursday's highs at 156.50.