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23 Aug 2013
GBP/JPY outweighs bearish pressure; 153.60 zone maintained
FXstreet.com (Chicago) - GBP/JPY bounced off 153.42 support attempting to erase daily losses after formidable rally that exhausted bulls after reaching 154.85 10-week peaks.
Green Sea of Gains
The FTSE 100 in the UK closed with 0.70% gains after the release of better-than-expected GDP data in the region. At 0.7%, GDP increased from previous -0.3% and out-beat estimates at 0.6%. Total business investment also for the second quarter of the year was 0.9% vs. expected 0.6%, balancing out under performing BBA mortgage approvals at 32.7K vs. projections at 39.2K. In Japan the Nikkei 225 gained 2.21% as stronger global data uplifted market sentiment.
GBP/JPY Technical Levels
Technically speaking, the pair trades at 153.62 and remains glued to immediate support at 153.60 (August 18th highs) ahead of 153.43 (August 16th highs) and 153.30 (July 22nd highs). On the upside, resistances are aligned at 153.81 (July 24th highs), 154.00 (July 23rd highs) followed by 154.21 (August 21st highs). The FXstreet.com trend index reports the pair as strongly bearish on one-hour timeframe analysis.
Green Sea of Gains
The FTSE 100 in the UK closed with 0.70% gains after the release of better-than-expected GDP data in the region. At 0.7%, GDP increased from previous -0.3% and out-beat estimates at 0.6%. Total business investment also for the second quarter of the year was 0.9% vs. expected 0.6%, balancing out under performing BBA mortgage approvals at 32.7K vs. projections at 39.2K. In Japan the Nikkei 225 gained 2.21% as stronger global data uplifted market sentiment.
GBP/JPY Technical Levels
Technically speaking, the pair trades at 153.62 and remains glued to immediate support at 153.60 (August 18th highs) ahead of 153.43 (August 16th highs) and 153.30 (July 22nd highs). On the upside, resistances are aligned at 153.81 (July 24th highs), 154.00 (July 23rd highs) followed by 154.21 (August 21st highs). The FXstreet.com trend index reports the pair as strongly bearish on one-hour timeframe analysis.