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18 Jul 2013
GBP/JPY trading sideways at 151.60 region
FXstreet.com (New York) - The GBP/JPY technical cross has been trading sideways Thursday morning, refusing to relinquish yesterday’s gains amidst a recent uptrend.
The GBP/JPY is now operating at 151.58 during Asian trading, securing a marginal advance of +0.03% above its opening. Briefing the technicals, the pair is now fortified by support at 151.44 (50-day SMA), and will rely on supports at 151.36 (55-day MA), and 151.10 (July 16 high). On the ascension, resistance will trigger should the cross reach 151.98 (July 1 high).
GBP/JPY strategic bias
According to the Technical Analyst Team at ICN.com, “Yesterday the GBP/JPY surged to the upside breaching the 150.85 resistance and triggering a positive scenario that eventually could initiate a bullish run towards 153.00. Prolonged stability above the 150.85 level keeps this scenario valid.”
The GBP/JPY is now operating at 151.58 during Asian trading, securing a marginal advance of +0.03% above its opening. Briefing the technicals, the pair is now fortified by support at 151.44 (50-day SMA), and will rely on supports at 151.36 (55-day MA), and 151.10 (July 16 high). On the ascension, resistance will trigger should the cross reach 151.98 (July 1 high).
GBP/JPY strategic bias
According to the Technical Analyst Team at ICN.com, “Yesterday the GBP/JPY surged to the upside breaching the 150.85 resistance and triggering a positive scenario that eventually could initiate a bullish run towards 153.00. Prolonged stability above the 150.85 level keeps this scenario valid.”