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21 Oct 2013
GBP/JPY bursts to upside above 158.30
FXstreet.com (Chicago) - GBP/JPY remains on neutral EMA20 on 1HR FXstreet.com charts edging higher ahead of Tokyo’s opening and Japanese data releases.
Data, heavy buying
A runaway gap manifests heavy buying for a pound that maintains monthly gains ahead of Japanese data and Tokyo’s opening. With peaks at 158.60 last week, the pair aims for higher altitudes extending the upward trendline since reversal day on October 9th. UK’s data published just now indicates the Rightmove house price index (YoY) for October was 13.8% vs. past 4.5% with monthly data at 2.8% vs. past -1.5%.
GBP/JPY Technical Levels
Technically speaking, the pair is stuck below the 158.40 zone despite attempts to push higher. After the formation of a pennant pattern, the pair spiked above the 158.20 zone, consolidating ahead of Japanese data. Offered at 158.32, the pair may be manifesting a flag as seen in 1HR charts. On the downside, supports are set at 158 (October 16th highs), 157.39 (October 3rd highs) ahead of 157 (October 10th highs) and the resistances are aligned at 158.67 (October 17th highs), 159.27 (September 25th highs) followed by 160 (October 1st highs).
Data, heavy buying
A runaway gap manifests heavy buying for a pound that maintains monthly gains ahead of Japanese data and Tokyo’s opening. With peaks at 158.60 last week, the pair aims for higher altitudes extending the upward trendline since reversal day on October 9th. UK’s data published just now indicates the Rightmove house price index (YoY) for October was 13.8% vs. past 4.5% with monthly data at 2.8% vs. past -1.5%.
GBP/JPY Technical Levels
Technically speaking, the pair is stuck below the 158.40 zone despite attempts to push higher. After the formation of a pennant pattern, the pair spiked above the 158.20 zone, consolidating ahead of Japanese data. Offered at 158.32, the pair may be manifesting a flag as seen in 1HR charts. On the downside, supports are set at 158 (October 16th highs), 157.39 (October 3rd highs) ahead of 157 (October 10th highs) and the resistances are aligned at 158.67 (October 17th highs), 159.27 (September 25th highs) followed by 160 (October 1st highs).