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3 Jun 2014
GBP/JPY struggles lagging between 171.40/60
FXStreet (Guatemala) - GBP/JPY is trading at 171.52, up 0.06% on the day, having posted a daily high at 171.56 and low at 171.31.
GBP/JPY is held up after the long grind back to the top of the cup formation on the charts and struggles to exceed the 171.60’s. Meanwhile, from the calendar and for Japan, capital spending in Japan rose a better than expected 7.4% y/y in Q1. Analysts at Rabobank explained “The market sees a risk that Japanese GDP will contract in the second quarter”. For the pound, RBS strategists explained that while political concerns may have been enough for some to take profits on their long positions, there's not really been enough news to suggest a sea change in GBP sentiment over the past week. “For the housing market, continued chatter around a self-correction on tightening lending standards and increased price sensitivity of home-buyers plays marginally GBP negative”.
GBP/JPY Levels
Current price is 171.53, with resistance ahead at 171.56 (Daily High), 171.65 (Yesterday's High), 171.69 (Weekly High), 171.81 (Weekly Classic R1) and 171.91 (Daily Classic R1). Next support to the downside can be found at 171.45 (Daily Open), 171.31 (Daily Low), 171.22 (Daily 20 SMA), 171.21 (Hourly 20 EMA) and 171.18 (Daily Classic PP).
GBP/JPY is held up after the long grind back to the top of the cup formation on the charts and struggles to exceed the 171.60’s. Meanwhile, from the calendar and for Japan, capital spending in Japan rose a better than expected 7.4% y/y in Q1. Analysts at Rabobank explained “The market sees a risk that Japanese GDP will contract in the second quarter”. For the pound, RBS strategists explained that while political concerns may have been enough for some to take profits on their long positions, there's not really been enough news to suggest a sea change in GBP sentiment over the past week. “For the housing market, continued chatter around a self-correction on tightening lending standards and increased price sensitivity of home-buyers plays marginally GBP negative”.
GBP/JPY Levels
Current price is 171.53, with resistance ahead at 171.56 (Daily High), 171.65 (Yesterday's High), 171.69 (Weekly High), 171.81 (Weekly Classic R1) and 171.91 (Daily Classic R1). Next support to the downside can be found at 171.45 (Daily Open), 171.31 (Daily Low), 171.22 (Daily 20 SMA), 171.21 (Hourly 20 EMA) and 171.18 (Daily Classic PP).