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30 Sep 2013
GBP/JPY trades at daily highs amidst mixed Japanese data
FXstreet.com (Athens) – The GBP/JPY opened lower with a gap on the start of the Asian trading session Monday, but soon managed to move upwards amidst mixed Japanese data.
The pair opened lower on Sunday, with a not so usual gab of approximately 100 pips. Nevertheless, it is now heading upwards at its daily highs managing to close the initial opening gap.
It would be of great significance to remind to traders that amidst a US government close and a more than probable Italian coalition government collapse, the funds might need to flow into safe haven asset currencies and assets in general, with the Japanese currency being the absolute safe haven currency. Earlier, the Japan’s released data, were to an extent mixed but all in all probably suggesting that growth in Japan is constantly up and up. Elaborating on, Japanese retail sales were announced at solid levels, whilst the September PMI released at best levels, not seen since the quake of 2011. On the other hand, the output announced at worse than expected levels. Tomorrow there will be the crucial release of the Tankan index.
Technical and Strategic outlook on GBP/JPY
At the time of writing the pair is trading at 158.45, down 0.03%. The FXstreet.com Trend Index shows the pair to be slightly bullish and overbought in the 15 minutes timeframe. Daily pivot point support can be found at 158.00, 157.45, 157.18 and resistance at 159.23, 159.62 and 159.88, respectively.
The pair opened lower on Sunday, with a not so usual gab of approximately 100 pips. Nevertheless, it is now heading upwards at its daily highs managing to close the initial opening gap.
It would be of great significance to remind to traders that amidst a US government close and a more than probable Italian coalition government collapse, the funds might need to flow into safe haven asset currencies and assets in general, with the Japanese currency being the absolute safe haven currency. Earlier, the Japan’s released data, were to an extent mixed but all in all probably suggesting that growth in Japan is constantly up and up. Elaborating on, Japanese retail sales were announced at solid levels, whilst the September PMI released at best levels, not seen since the quake of 2011. On the other hand, the output announced at worse than expected levels. Tomorrow there will be the crucial release of the Tankan index.
Technical and Strategic outlook on GBP/JPY
At the time of writing the pair is trading at 158.45, down 0.03%. The FXstreet.com Trend Index shows the pair to be slightly bullish and overbought in the 15 minutes timeframe. Daily pivot point support can be found at 158.00, 157.45, 157.18 and resistance at 159.23, 159.62 and 159.88, respectively.