OctaFX | OctaFX Forex Broker
Open trading account
Back

GBP/JPY holding up, now above 153.00 handle

FXstreet.com (London) - The defence for <a href="http://www.fxstreet.com/technical/currencies-glance/pair.aspx?id=gbp/jpy">GBP/JPY 150.70 has been holding up throughout the European session, re-testing 152.30 again.

It has gapped up to above the 153.00 handle while USD/JPY is actually printing lower lows on the day after core PCE came in disappointing at 1.01% vrs 1.2% of the previous year. Personal income also came out printing a weaker number year on year, 0.0% vrs 0.1% consensus and looking far worse against the previous year 0.3%

GBP/JPY is actually benefiting from higher highs and lows in cable. However, the pair is still someway off the 155.00 zone and remains within the break out bear market’s range below the previous ascending support line, 155.00. While indecisive, the risk lies to yet another test of 152.30, for further support sighted at 151.70 and 150.70. On the upside, the pivot is acting as resistance before 153.85 territory and last nights congestion zone in Asia.

Flash: Pause for thought - Societe Generale

Societe Generale strategist Vincent Chaigneau believes that the last bout of Treasury selling finally has tamed the buoyant global equity market.
Read more Previous

US Chicago Purchasing Managers' Index improves to 58.7 in May from 49 in Apr

Read more Next
Start livechat