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Trading news
23 Apr 2013
Forex: GBP/JPY falls below support to 150.84/86
FXstreet.com (Barcelona) - The GBP/JPY was under siege Tuesday, culminating in a bottoming out at the 150.38 level (daily minimum) in recent minutes. A surrendering of the 151.00 barrier/support has been met with instability as the pair trades at 150.84/86 in these moments, incurring a loss of -0.59% off its opening.
Following a breach of the 151.00 support, Mataf.net analysts calculate the means of supportive correction at 150.28, ahead of 149.66. Conversely, a break above 152.34 will initiate resistive measures at 152.96 and 153.68.
“The GBP/JPY has formed a minor double top pattern over an hourly basis, and is currently attempting to break the ascending trend line for the latest bullish wave. A break below the trend line could negate the short-term bullish bias, and confirms a sideways price action, for a possible retest of 148.00 level.” warns the ICN.com analyst team.
Following a breach of the 151.00 support, Mataf.net analysts calculate the means of supportive correction at 150.28, ahead of 149.66. Conversely, a break above 152.34 will initiate resistive measures at 152.96 and 153.68.
“The GBP/JPY has formed a minor double top pattern over an hourly basis, and is currently attempting to break the ascending trend line for the latest bullish wave. A break below the trend line could negate the short-term bullish bias, and confirms a sideways price action, for a possible retest of 148.00 level.” warns the ICN.com analyst team.