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23 Apr 2013
Forex: GBP/JPY retakes morning losses
FXstreet.com (Barcelona) - Having sold off sharply this morning after the German PMI miss, GBP/JPY made support before climbing into the US session.
The pair made an overnight high at 151.97, where it found resistance at the round number above at 152.00, before declining as German PMIs disappointed forecasts. The pair slide to make support at the psychologically round key 150.00 level. Since, it has boomed into the US, posting an afternoon high at 152.02, before edging lower to where it is currently trading at 151.85. Hourly MA´s are all indicating a continuation of near term upside momentum, while Stochastics are at 70 and look receptive to a move into the overbought zone. Hourly RSI is at 59 and moving with an upside bias.
The pair made an overnight high at 151.97, where it found resistance at the round number above at 152.00, before declining as German PMIs disappointed forecasts. The pair slide to make support at the psychologically round key 150.00 level. Since, it has boomed into the US, posting an afternoon high at 152.02, before edging lower to where it is currently trading at 151.85. Hourly MA´s are all indicating a continuation of near term upside momentum, while Stochastics are at 70 and look receptive to a move into the overbought zone. Hourly RSI is at 59 and moving with an upside bias.