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16 Sep 2013
GBP/JPY under volatility ahead of UK data and closed Japanese markets
FXstreet.com (Athens)- The GBP/JPY is moving sideways but also in great volatility since the opening of the Asian’s opening session, due mostly to a very light calendar day and to closed Japanese markets.
Fed’s tapering speculation, diminishing “Syrian’s risks” and GBP/JPY moves sidelines
Today is a very light calendar day regarding the pound and the Japanese currency. Precisely, Japanese markets are closed today for the Respect for the Aged Day holiday. On the other hand,
the pound is gaining further upside momentum in other currency crosses mainly in GBP/USD, therefore this uptrend mode might influence the GBP/JPY, as well. Today we have BoE quarterly Bulletin at 23.01 GMT hours and investors should keep an eye for any quoting or phrasing “behind the curtains.”
Technical Outlook on GBP/JPY
At the time of writing, the pair is trading at 157.78, up 0.01%. It is possible that the pair paves the way to set up a strong rally to 2009 high of 163.00. Of course the aggressive target to be achieved, apart from continuation of boosting UK fundamental data and a risk-appetite mood, also needs to overcome the crucial hurdle of May’s high (156.75). All in all, the multi-month consolidation pattern seems to be touching its end. The The FXstreet.com Trend Index shows the pair to be strongly bullish in the 15-minutes timeframe chart. Daily pivot point support can be found at 157.45, 1.57.04, 155.66, and resistance at 158.29, 158.69 and 159.08, respectively.
Fed’s tapering speculation, diminishing “Syrian’s risks” and GBP/JPY moves sidelines
Today is a very light calendar day regarding the pound and the Japanese currency. Precisely, Japanese markets are closed today for the Respect for the Aged Day holiday. On the other hand,
the pound is gaining further upside momentum in other currency crosses mainly in GBP/USD, therefore this uptrend mode might influence the GBP/JPY, as well. Today we have BoE quarterly Bulletin at 23.01 GMT hours and investors should keep an eye for any quoting or phrasing “behind the curtains.”
Technical Outlook on GBP/JPY
At the time of writing, the pair is trading at 157.78, up 0.01%. It is possible that the pair paves the way to set up a strong rally to 2009 high of 163.00. Of course the aggressive target to be achieved, apart from continuation of boosting UK fundamental data and a risk-appetite mood, also needs to overcome the crucial hurdle of May’s high (156.75). All in all, the multi-month consolidation pattern seems to be touching its end. The The FXstreet.com Trend Index shows the pair to be strongly bullish in the 15-minutes timeframe chart. Daily pivot point support can be found at 157.45, 1.57.04, 155.66, and resistance at 158.29, 158.69 and 159.08, respectively.