11 Oct 2013
GBP/JPY aims for hat trick? Weekly peaks at 157.30 aiming higher
FXstreet.com (Chicago) - GBP/JPY consolidates rally after breaking through two immediate resistances during the early session in Asia. The pound had a poor performance last week but seems redeeming itself today. Up 0.30% so far, the pair accumulates 0.75% weekly gains and reaches weekly peaks at 157.30.
GBP/JPY Technical Levels
Technically speaking, the pair extends an upward trendline that started two days ago on BoE decision to maintain interest rates at 0.5%. Despite having a downward primary trend diverging with secondary and short-term trends, the pair continues aiming higher now printing 157.28 highs. Offered at 157.23, the pair oscillates between supports aligned at 156.67 (October 8th highs), 156 (September 4th highs), 155.40 (October 4th lows) and the resistances set at 157.35 (September 28th lows), 157.89 (September 16th highs), 158.58 (September 11th highs). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis above the EMA20.
The AceTrader Team notes “the Japanese yen weakened broadly on Thursday as risk appetite increased due to hope for a breakthrough on an agreement to end the U.S. government shutdown and the raising of the debt ceiling, ahead of a deadline to avoid a sovereign debt default, and comment from Bank of Japan's governor Haruhiko Kuroda.”
GBP/JPY Technical Levels
Technically speaking, the pair extends an upward trendline that started two days ago on BoE decision to maintain interest rates at 0.5%. Despite having a downward primary trend diverging with secondary and short-term trends, the pair continues aiming higher now printing 157.28 highs. Offered at 157.23, the pair oscillates between supports aligned at 156.67 (October 8th highs), 156 (September 4th highs), 155.40 (October 4th lows) and the resistances set at 157.35 (September 28th lows), 157.89 (September 16th highs), 158.58 (September 11th highs). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis above the EMA20.
The AceTrader Team notes “the Japanese yen weakened broadly on Thursday as risk appetite increased due to hope for a breakthrough on an agreement to end the U.S. government shutdown and the raising of the debt ceiling, ahead of a deadline to avoid a sovereign debt default, and comment from Bank of Japan's governor Haruhiko Kuroda.”