GBP/JPY eyes 152.00

FXstreet.com (London) - GBP/JPY fell 100 pips from over 153.20 in a broad based dollar sell off, then drifted further lower to 151.80 until bids were located overnight taking the pair back through 152.00 to 152.80 highs on the handover to European markets.

GBP/JPY has been offered yet again in London and targets 152.00, oscillating currently in 152.20 territory. There is very little news except for the dollar and higher treasuries and trading in the FX space is erratic, with a series of mini trends across pairs subsequent to the dollars performance. There is growing discussion over the markets overreacting to UK data and sterling being overvalued now. For the meantime, today, we have housing starts and consumer confidence data form the US.

GBP/JPY bias to the downside

GBP/JPY comes with a negative bias as 152.00 breaks the accelerated uptrend from 151.00 (Tue) , with the main resistance to the topside coming in at 153.75. To the downside, 150.80 maintains the sideways channel. The 20 dma is 151.05, the 50 dma is 150.85 and 200 dma is 145.50. RSI (9) reads 57.71. Supports are ascending from 149.80, 150.65, 151.10, 151.80. Spot is 152.20 while resistances are 153.25, 154.05, 154.20 and 154.65.