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10 Jul 2013
GBP/JPY stalling the slide above 150.00
FXstreet.com (Barcelona) - The GBP/JPY foreign exchange cross rate is last trading at 150.28, off recent session highs at 150.50, following second consecutive improvement in Japan tertiary industry activity data showing a +1.2% increase for the month of May.
GBP/JPY consolidation while above 149.50
“With prices confined within the perimeters of Ichimoku Cloud, further consolidation to prevail but at the moment, the downmove from 153.02 high is still dominating and this should skew trade more towards the short side,” said the FXMarketAlerts Team, adding: “Break of 149.50/45 supports will trigger stronger selling.”
GBP/JPY key technical levels
Immediate support to the downside for GBP/JPY lies at recent session/Thursday's/Monday's lows 150.27/18, followed by June 11 lows at 150.04, and early NY session fresh weekly lows at 149.75. To the upside, closest resistance shows at mentioned recent session highs 150.50, followed by Friday's highs at 151.15, and July 02/03 lows at 151.25.
GBP/JPY consolidation while above 149.50
“With prices confined within the perimeters of Ichimoku Cloud, further consolidation to prevail but at the moment, the downmove from 153.02 high is still dominating and this should skew trade more towards the short side,” said the FXMarketAlerts Team, adding: “Break of 149.50/45 supports will trigger stronger selling.”
GBP/JPY key technical levels
Immediate support to the downside for GBP/JPY lies at recent session/Thursday's/Monday's lows 150.27/18, followed by June 11 lows at 150.04, and early NY session fresh weekly lows at 149.75. To the upside, closest resistance shows at mentioned recent session highs 150.50, followed by Friday's highs at 151.15, and July 02/03 lows at 151.25.