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Forex: AUD/USD remains in narrow range after Trade Balance data

FXstreet.com (Barcelona) - The GBP/JPY is leaking lower in the Asian session, down 61 pips at 153.79 . Economic data out of both Japan and the UK will be light in the coming sessions which could keep the pair in a narrow range as the day progresses. It will be important to monitor the 153.50 level which was previous resistance on the daily chart, and now should act as firm support.

The FXStreet.com Trend Index remains Slightly Bearish on the 1 hour chart, while the OB/OS Index remains Oversold. After breaking out of the recent ‘pennant’ continuation pattern on the daily chart, the pair has failed to follow through. However, the pattern will only be negated on a daily close below the previous break out point of 153.50. Short term moving averages remain in bullish set up, along with the RSI (14) which is hovering just above the 60 level. Initial support sits at 153.50 (noted above), followed by 152.58 (the 9dma). First resistance sits at 154.16 (the 9dma on 1 hour chart, followed by 154.80 (high from May 6th).

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