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9 Apr 2015
GBP/JPY: Bears in control exposing March lows
FXStreet (Guatemala) - GBP/JPY is currently trading at 177.37 with a high of 179.09 and a low of 177.11.
GBP/JPY has found a minor bounce post the supply that came in with sterling under pressure. The pound is under-performing following the release of weaker than expected UK trade data and an on hold BoE. This was as expected this close to the elections. Meanwhile, the Yen is also under performing while the Nikkei flies higher and vs the greenback, it is vulnerable towards the upper end of the 120.00's with bullish indicators in the major and trading through the key short term resistance and yesterday's highs.
Technically, the cross trades with a bearish bias and is entering a congested channel zone with 176.80 a key support guarding March lows ahead of 2015 lows at 175.56. 178.41 and the 200 EMA comes as resistance just ahead of the pivot and aformentioned highs, before R1 179.40.
GBP/JPY has found a minor bounce post the supply that came in with sterling under pressure. The pound is under-performing following the release of weaker than expected UK trade data and an on hold BoE. This was as expected this close to the elections. Meanwhile, the Yen is also under performing while the Nikkei flies higher and vs the greenback, it is vulnerable towards the upper end of the 120.00's with bullish indicators in the major and trading through the key short term resistance and yesterday's highs.
Technically, the cross trades with a bearish bias and is entering a congested channel zone with 176.80 a key support guarding March lows ahead of 2015 lows at 175.56. 178.41 and the 200 EMA comes as resistance just ahead of the pivot and aformentioned highs, before R1 179.40.