2 Sep 2013
GBP/JPY treks higher to target 153.00 zone
FXstreet.com (Chicago) - GBP/JPY reversed earlier plunge at the opening of Tokyo’s session. The Nikkei started strong above 1% gains and handles to maintain 0.92% advancements so far.
Chinese rising manufacturing results published earlier today seemed to uplift Asian stocks. Later in the day, the UK is expecting the BRC retail sales monitor data for the month of August while in Japan the Minister of the Economy, Akira Amari, stated that "there are more experts who say Japan should follow the sales tax hike plan than those who say we shouldn't”. The implications of such statement are an imminent tax hike for sales with more BoJ easing which is perceived as negative for the yen. Also, reports indicate Fukushima’s nuclear plant has radiations 18 times stronger than previously indicated.
GBP/JPY Technical Levels - Losses erased
Price action reveals runaway gap at the opening of Monday’s session in Asia. The pair fell from 152.80 levels strenuously to hit 152.37 session lows and eventually evolve into a V-shaped reversal now targeting 153.00 zone. Trading at 152.88, the pair navigates between supports at 152.66 (August 29th highs), 152.43 (August 19th highs) ahead of 152.17 (August 21st lows) and resistances at 152.93 (August 20th highs), 153.24 (August 26th lows) followed by 153.72 (August 26th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis.
Chinese rising manufacturing results published earlier today seemed to uplift Asian stocks. Later in the day, the UK is expecting the BRC retail sales monitor data for the month of August while in Japan the Minister of the Economy, Akira Amari, stated that "there are more experts who say Japan should follow the sales tax hike plan than those who say we shouldn't”. The implications of such statement are an imminent tax hike for sales with more BoJ easing which is perceived as negative for the yen. Also, reports indicate Fukushima’s nuclear plant has radiations 18 times stronger than previously indicated.
GBP/JPY Technical Levels - Losses erased
Price action reveals runaway gap at the opening of Monday’s session in Asia. The pair fell from 152.80 levels strenuously to hit 152.37 session lows and eventually evolve into a V-shaped reversal now targeting 153.00 zone. Trading at 152.88, the pair navigates between supports at 152.66 (August 29th highs), 152.43 (August 19th highs) ahead of 152.17 (August 21st lows) and resistances at 152.93 (August 20th highs), 153.24 (August 26th lows) followed by 153.72 (August 26th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis.