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10 Apr 2013
Forex: GBP/JPY eases off highs to 152.30/34
FXstreet.com (Barcelona) - The GBP/JPY has fallen off a session high of 152.63 earlier today during European, easing slightly and paring some of its gains to trade presently at 152.30/34 in these moments. Despite the recent pullback, the cross remains robustly active in positive territory, securing an advance of +0.40% above its opening still.
According to the ICN.com technical analyst team, “The GBP/JPY maintained trading above 150.50 support level, continuing to push gradually higher – RSI is showing signs of weakness, however we consider pullbacks as new opportunities to long the pair at better levels. Only a break below 150.50 could result in a deeper correction.”
Mataf.net analysts points to short-term supports at 152.67, onto 153.43, and 154.49. On the decline, the GBP/JPY is slated to face short-term support at 150.85, ahead of 149.79, and finally the 149.03 handle.
The silence of G20 Central banks over the BoJ's activities has been deafening to say the least. Developed market policymakers are holding back lest they be accused of hypocrisy, while Emerging market authorities may have geopolitical priorities in mind and do not want to open up new areas of tension. “Nonetheless, as their own asset markets have become far more open to overseas investment over the past few years, and more likely to be targets of upcoming Japanese investment, they may soon face their own 'inversion' problems.” warns Research Analyst Gareth Berry at UBS.
According to the ICN.com technical analyst team, “The GBP/JPY maintained trading above 150.50 support level, continuing to push gradually higher – RSI is showing signs of weakness, however we consider pullbacks as new opportunities to long the pair at better levels. Only a break below 150.50 could result in a deeper correction.”
Mataf.net analysts points to short-term supports at 152.67, onto 153.43, and 154.49. On the decline, the GBP/JPY is slated to face short-term support at 150.85, ahead of 149.79, and finally the 149.03 handle.
The silence of G20 Central banks over the BoJ's activities has been deafening to say the least. Developed market policymakers are holding back lest they be accused of hypocrisy, while Emerging market authorities may have geopolitical priorities in mind and do not want to open up new areas of tension. “Nonetheless, as their own asset markets have become far more open to overseas investment over the past few years, and more likely to be targets of upcoming Japanese investment, they may soon face their own 'inversion' problems.” warns Research Analyst Gareth Berry at UBS.