9 Jul 2013
GBP/JPY finds support 150.20
FXstreet.com (London) - GBP/JPY has bounced from 150.20 and Mondays low.
Earlier in the session, GBP has offered which fuelled a move down through the 151.00 handle when the data for the UK came in worse than expected. UK data came in as Industrial Production yoy 12.3%vrs -1.5% consensus. Then Manufacturing Production yoy -2.9 vrs -1.6% consensus. Trade Balance, non EU disappointed by over £500m and Goods Trade Balance was £20m wider than consensus.
GBP/JPY bounce targeting pivot point
GBP/JPY’s target on the bounce for 150.77 is key. While the pair remain below this point, the cross may continue lower to seal the gap and resume the pathway towards the ascending channels support line at 149.60. A break lower with closing sticks would be particularly bearish for the pair. Next key support levels will be found 148.90 and then in the 147.50 region for a correction.
Earlier in the session, GBP has offered which fuelled a move down through the 151.00 handle when the data for the UK came in worse than expected. UK data came in as Industrial Production yoy 12.3%vrs -1.5% consensus. Then Manufacturing Production yoy -2.9 vrs -1.6% consensus. Trade Balance, non EU disappointed by over £500m and Goods Trade Balance was £20m wider than consensus.
GBP/JPY bounce targeting pivot point
GBP/JPY’s target on the bounce for 150.77 is key. While the pair remain below this point, the cross may continue lower to seal the gap and resume the pathway towards the ascending channels support line at 149.60. A break lower with closing sticks would be particularly bearish for the pair. Next key support levels will be found 148.90 and then in the 147.50 region for a correction.