Forex: GBP/JPY moving in tight ranges below 132; Asian shares rise
FXstreet.com (San Francisco) - After advancing 1.2% to 131.60 on Wednesday, GBPJPY touched a 7-month high today in Asia as price consolidates recent gains in a tight range between 131.50 and 131.85. Broad JPY weakness lead the rise, as comments from the Bank of England did little to boost demand for GBP.
The 131.80 resistance zone is currently capping rallies, with further resistance levels noted at 132.30 (June 14 high) and 133.00 (April 18 low). On dips, bears may encounter support at 130.80 (May 2 high), 130.12 (Mar 2 high) and 129.60 (Oct 25 high).
Regional equity markets are well bid this Thursday in Asia following a better than expected November survey that showed China's manufacturing sector in expansion territory for the first time in 13 months. This development has encouraged risk plays and Japan's Nikkei is now quoted up 1.15%, Australia's ASX is up 1.1% and Hong Kong shares are up 0.7%.
USDJPY is gently moving off its recent high and last trades at 82.40, while GBPUSD has climbed to a new 2-week high of 1.5968 here in Asia.
The 131.80 resistance zone is currently capping rallies, with further resistance levels noted at 132.30 (June 14 high) and 133.00 (April 18 low). On dips, bears may encounter support at 130.80 (May 2 high), 130.12 (Mar 2 high) and 129.60 (Oct 25 high).
Regional equity markets are well bid this Thursday in Asia following a better than expected November survey that showed China's manufacturing sector in expansion territory for the first time in 13 months. This development has encouraged risk plays and Japan's Nikkei is now quoted up 1.15%, Australia's ASX is up 1.1% and Hong Kong shares are up 0.7%.
USDJPY is gently moving off its recent high and last trades at 82.40, while GBPUSD has climbed to a new 2-week high of 1.5968 here in Asia.
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