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2 Oct 2013
GBP/JPY stranded below 158.80; double-tops formed
FXstreet.com (Chicago) - GBP/JPY fell from 160.00 on yen’s strengthening throughout the first day of October. Finding grounds around 158.56, the pair attempts reversal to bring back wins but remains capped below 158.80.
GBP/JPY Technical Levels
Ahead of Tokyo’s opening, the pound retreats from 160.00 psychological zone extending losses and bearish channel from peaks (double tops with last September 19th highs). Despite a primary trend printing retracements, the secondary trend supports a bullish move. After fall, the double-tops pattern is manifested. Offered at 158.72, the pair navigates between supports aligned at 158.24 (September 27th lows), 157.90 (September 16th highs) ahead of 157.39 (September 30th lows) and the resistances set at 159.29 (session highs), 159.69 (September 20th highs) followed by 159.94 (September 30th highs). According to the FXstreet.com trend index, the pair is strongly bearish on one-hour timeframe below the EMA20.
GBP/JPY Technical Levels
Ahead of Tokyo’s opening, the pound retreats from 160.00 psychological zone extending losses and bearish channel from peaks (double tops with last September 19th highs). Despite a primary trend printing retracements, the secondary trend supports a bullish move. After fall, the double-tops pattern is manifested. Offered at 158.72, the pair navigates between supports aligned at 158.24 (September 27th lows), 157.90 (September 16th highs) ahead of 157.39 (September 30th lows) and the resistances set at 159.29 (session highs), 159.69 (September 20th highs) followed by 159.94 (September 30th highs). According to the FXstreet.com trend index, the pair is strongly bearish on one-hour timeframe below the EMA20.