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19 Aug 2013
GBP/JPY prints 152.87 intraday highs; aiming 153.00 zone
FXstreet.com (Chicago) - GBP/JPY peaked to 152.87 highs post Japanese trade balance data releases. The pair had recently broken through previous resistance to extend gains and navigate above 152.80 zone.
Japanese merchandise trade balance for July failed to meet expectations at -785.6B to decrease to -1,024.0B compared to a previous -180.8B. Imports reached 19.6% vs. exports at 12.2%. The Nikkei prints 0.03% losses so far. In the UK, the CBI raised expectations on bullish momentum lived in the region: “The economy has started to gain momentum and confidence is picking up” states CBI Director General John Cridland.
Price action indicates the pair extends bullish trend potentially enunciated with last Friday’s peak trough above 153.00 zone. At 152.77, the pair oscillates between supports at 152.65 (July 2nd highs), 152.33 (July 22nd lows) followed by 152.00 (August 16th highs) and resistances at 153.00 (July 25th highs), 153.22 (August 15th highs) ahead of 153.59 (July 19th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis.
Japanese merchandise trade balance for July failed to meet expectations at -785.6B to decrease to -1,024.0B compared to a previous -180.8B. Imports reached 19.6% vs. exports at 12.2%. The Nikkei prints 0.03% losses so far. In the UK, the CBI raised expectations on bullish momentum lived in the region: “The economy has started to gain momentum and confidence is picking up” states CBI Director General John Cridland.
Price action indicates the pair extends bullish trend potentially enunciated with last Friday’s peak trough above 153.00 zone. At 152.77, the pair oscillates between supports at 152.65 (July 2nd highs), 152.33 (July 22nd lows) followed by 152.00 (August 16th highs) and resistances at 153.00 (July 25th highs), 153.22 (August 15th highs) ahead of 153.59 (July 19th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis.