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4 Nov 2013
GBP/JPY gradually descending; will pair hold on to 157?
FXstreet.com (Chicago) - GBP/JPY continues heading down, slightly and slowly, ahead of the opening of European markets – closed journey in Japan.
GBP/JPY Technical Levels
Price action reveals trends pointing down with intraday aiming higher after struggling to stay above immediate support at 157.15. Ahead of the ECB decision later this week and amid closed Japanese markets, the pair is offered at 157.15 oscillating between the supports aligned at 157.18 (October 24th lows), 156.82 (November 1st lows) ahead of 156.40 (September 5th highs) and the resistances at 157.62 (October 15th highs), 158 (October 25th highs) followed by 158.34 (October 28th highs). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis below the EMA20.
GBP/JPY Technical Levels
Price action reveals trends pointing down with intraday aiming higher after struggling to stay above immediate support at 157.15. Ahead of the ECB decision later this week and amid closed Japanese markets, the pair is offered at 157.15 oscillating between the supports aligned at 157.18 (October 24th lows), 156.82 (November 1st lows) ahead of 156.40 (September 5th highs) and the resistances at 157.62 (October 15th highs), 158 (October 25th highs) followed by 158.34 (October 28th highs). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis below the EMA20.