InstaForex - Analytics

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    GBPJPY: Rising trendline 2013-02-12


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    Overview:
    GBP/JPY is trading in higher range. The rate is underpinned by improved euro sentiment after positive comments from ECB/Bundesbank's Weidmann; negative yen sentiment after U.S. Treasury said it supports Japan's efforts to boost growth and end deflation; aggressive BOJ monetary easing stance; demand from Japan importers and investment trusts. But GBP/JPY gains tempered by Japan exporter sales. Daily chart is mixed as stochastic stays elevated at overbought; but MACD is bearish; five-day moving average is meandering sideways above rising 15-day moving average.
    Preference:
    Buy above 146.15 with targets at 147.9 and 148.5 in extension.
    Resistance levels:
    R1 - 147.9
    R2 - 148.5
    R3 - 149
    Alternative scenario:
    Sell below 146.15. Below 146.15 look for further downside with 145.45 and 144.85 as targets.
    S1 - 145.45
    S2 - 144.85
    S3 - 144.25
    Technical comment:
    The pair stands above its new support and should post a rebound towards its previous high as the RSI is turning up.

     


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