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Forex: GBP/JPY trading range continues, resistance at 150.60 still looms overhead

FXstreet.com (Barcelona) - The GBP/JPY closed the NY session up 30 pips at 150.07. The pair continues to find support from the short term uptrend line connecting the lows of the last 4 sessions, while resistance at 150.60 continues to cap advances. All of the yen crosses are setting up with similar consolidation patterns, which isn’t surprising given dramatic ranges amid recent volatility.

The economic calendar is light in the coming session with comments from the G20 being the main focus. “There hasn’t been a lot of movement over the last 24 hours in the FX market with global equity markets recovering slightly and precious metals also recovering some more of their recent losses,” noted Sean Lee of FXWW

The FXStreet.com Trend Index is currently reading Slightly Bearish on the daily chart, while the OB/OS Index is Neutral. Short term moving averages are also in neutral set up, as price remains in consolidation below the downward sloping 9dma (150.78) and above the upward sloping 20 dma (147.21).

Forex Flash: USD/JPY, above 100.00 the 105.00 comes into sight - BTMU

Bank of Tokyo Mitsubishi UFJ analysts offered their technical analysis on USD/JPY, pointing out the fact that has already "more than retraced halfway to the 99.73 midpoint between the June 2007 high of 124.14 and the October 2011 low of 75.32, with the 61.8% retracement point at 105.49, and 112.61 would mark a 76.4% retracement."
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