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May 24, 2013
GBP/JPY closes below 20dma for first time since April 5th
FXstreet.com (Barcelona) - After what was a very volatile trading day (336 pip range), the Sterling/Yen finished the day down 106 pips at 154.07.
The FXStreet.com Trend Index remains in slightly bearish set up on the daily chart, while the OB/OS index reads neutral. The RSI (14) is showing signs slowing momentum as it consolidates just below the 60 level. On a final note, the pair closed below the 20dma (154.37) for the first time since April 4th, which is a bearish development and should be monitored going forward.
Initial support for the pair remains at 153.60 (previous resistance, now support on daily chart), followed by 152.80 (bullish engulf candle on 1 hour chart). Initial resistance sits at 154.56 (the 50dma on 1 hour chart), followed by 155.10 (previous support, now resistance on 1 hour chart).
The FXStreet.com Trend Index remains in slightly bearish set up on the daily chart, while the OB/OS index reads neutral. The RSI (14) is showing signs slowing momentum as it consolidates just below the 60 level. On a final note, the pair closed below the 20dma (154.37) for the first time since April 4th, which is a bearish development and should be monitored going forward.
Initial support for the pair remains at 153.60 (previous resistance, now support on daily chart), followed by 152.80 (bullish engulf candle on 1 hour chart). Initial resistance sits at 154.56 (the 50dma on 1 hour chart), followed by 155.10 (previous support, now resistance on 1 hour chart).