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5 Aug 2013
GBP/JPY, 151.50 resistance proves tough
FXstreet.com (Chicago) - GBP/JPY has started on a weak note at opening of Japan’s stock market, presently trading at 151.19 after topside failure at the 151.50 vicinity, proven resistance on Friday.
Price action indicated momentary slip drift as the 151.23 (August 1st highs) immediate support was broken. The pair dropped to 151.09 but quickly bounced to trade at 151.12.
On one-hour timeframe analysis, the following supports were 151.00 (July 29 highs) and 150.720 (July 26 lows) and resistances were set at 151.381 (June 25 highs), 151.55 (July 9 highs), 151.81 (June 20 highs).
Ahead of Japan’s monthly economic survey by the BoJ, the FXstreet.com technical studies reported pair as slightly bearish as it accumulates 0.09% losses so far.
Price action indicated momentary slip drift as the 151.23 (August 1st highs) immediate support was broken. The pair dropped to 151.09 but quickly bounced to trade at 151.12.
On one-hour timeframe analysis, the following supports were 151.00 (July 29 highs) and 150.720 (July 26 lows) and resistances were set at 151.381 (June 25 highs), 151.55 (July 9 highs), 151.81 (June 20 highs).
Ahead of Japan’s monthly economic survey by the BoJ, the FXstreet.com technical studies reported pair as slightly bearish as it accumulates 0.09% losses so far.