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12 Sep 2013
GBP/JPY hovering above 158.00
FXstreet.com (Barcelona) - The GBP/JPY foreign exchange cross rate is currently trading at 158.12 off London session fresh weekly and 4-year highs at 158.60 printed on the back of improving labor market data in the UK, ahead of Japan core machinery orders at 23:50 GMT next.
GBP/JPY may have gained too much too soon
“GBP/JPY seems to be making the best of its breakout on the topside,” said FXMarketAlerts Team, adding: “but there have been some pretty sharp gains here which may now be a little too much (too soon) to maintain.” The GBP/JPY cross is up +2.12% for the week so far, while +13.68% higher year to date.
GBP/JPY key technical levels
Immediate support to the downside for GBP/JPY lies at recent session lows 157.88, followed by yesterday's lows at 157.50, and Sept 05/Monday's highs at 156.54. To the upside, closest resistance shows at recent session highs 158.25, followed by mentioned fresh 4-year highs at 158.60, and July 2009 highs at 159.98.
GBP/JPY may have gained too much too soon
“GBP/JPY seems to be making the best of its breakout on the topside,” said FXMarketAlerts Team, adding: “but there have been some pretty sharp gains here which may now be a little too much (too soon) to maintain.” The GBP/JPY cross is up +2.12% for the week so far, while +13.68% higher year to date.
GBP/JPY key technical levels
Immediate support to the downside for GBP/JPY lies at recent session lows 157.88, followed by yesterday's lows at 157.50, and Sept 05/Monday's highs at 156.54. To the upside, closest resistance shows at recent session highs 158.25, followed by mentioned fresh 4-year highs at 158.60, and July 2009 highs at 159.98.