Forex: GBP/JPY awaiting BoJ above 129.00
FXstreet.com (Barcelona) - GBPJPY is currently trading at 129.22 near session lows, off fresh 6-month highs at 129.71 from early Monday, double tested by late NY just before when Moody's downgrade on France's government bonds came in, printing a NY session high at 129.53. USDJPY is also currently dipping to fresh session lows at 81.22, moments before the BoJ releases its latest monetary policy statement.
Recent push down in Yen from past Wednesday following Japan PM Noda announced parliament dissolution on Friday, and calling on elections proll for next month, is running out of steam, with also Nikkei index stalling the surge in last 3 trading days that added more than 5% in gains. GBPJPY found support during those days in still rising 200 day SMA around 126.25 last, where the cross started the bounce from.
Immediate support to the downside for GBPJPY lies at yesterday's lows/Sept 19 highs 128.83/90, followed by Oct 18 highs at 128.23, and Oct 05 highs at 127.81. To the upside, closest resistance shows at yesterday's 6-month high 129.71, followed by March 23/29 lows 129.90/130.13, and Aug 07 highs/61.8% Fib retrace of 139.94/116.44 down leg at 130.88.
Recent push down in Yen from past Wednesday following Japan PM Noda announced parliament dissolution on Friday, and calling on elections proll for next month, is running out of steam, with also Nikkei index stalling the surge in last 3 trading days that added more than 5% in gains. GBPJPY found support during those days in still rising 200 day SMA around 126.25 last, where the cross started the bounce from.
Immediate support to the downside for GBPJPY lies at yesterday's lows/Sept 19 highs 128.83/90, followed by Oct 18 highs at 128.23, and Oct 05 highs at 127.81. To the upside, closest resistance shows at yesterday's 6-month high 129.71, followed by March 23/29 lows 129.90/130.13, and Aug 07 highs/61.8% Fib retrace of 139.94/116.44 down leg at 130.88.
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