Forex: GBP/JPY moving sideways around 125.00
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GBP/JPY
FXstreet.com (San Francisco) - GBPJPY continues its trek south after finding a roof last week at the 61.8% Fibonacci level at 127.80. Sellers have so far dragged price down to as low as 124.92 and now trades around the 125.00 figure, around 20 pips below the close late Tuesday.
Further bearish action for GBPJPY may target a Fibonacci retracement at 124.30 (38.2%, 133.45/118.75); below there, support is noted at 123.75 (July 27 high). Upside rallies may encounter resistance at 125.30 (Sep 26 low), then 125.50 (Aug 22 high).
On the fundamental front, GBP investors had little reaction to poor trade and industrial production data yesterday, and the economic calendar is thin with UK-specific data releases for the remainder of the week, leaving GBP action to be largely driven by sentiment.
During tomorrow's Asia-Pacific session, at 23:50 GMT, the BoJ Monetary Policy Minutes of the most recent meeting will be key risk event for JPY. GBPJPY exchanges 125.07 at the time of writing, limited between 124.95 and 125.25.
Further bearish action for GBPJPY may target a Fibonacci retracement at 124.30 (38.2%, 133.45/118.75); below there, support is noted at 123.75 (July 27 high). Upside rallies may encounter resistance at 125.30 (Sep 26 low), then 125.50 (Aug 22 high).
On the fundamental front, GBP investors had little reaction to poor trade and industrial production data yesterday, and the economic calendar is thin with UK-specific data releases for the remainder of the week, leaving GBP action to be largely driven by sentiment.
During tomorrow's Asia-Pacific session, at 23:50 GMT, the BoJ Monetary Policy Minutes of the most recent meeting will be key risk event for JPY. GBPJPY exchanges 125.07 at the time of writing, limited between 124.95 and 125.25.
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