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18 Jun 2013
GBP/JPY advances remain capped below 149.50
FXstreet.com (Barcelona) - After trading as high as 149.43 at one point in the day, the GBP/JPYencountered firm resistance and leaked lower later in the day to finish up 34 pips at 148.44.
UK CPI data due out at 8:30GMT
Market participants should be aware that the UK will be released its latest CPI data later on in the session. Analysts at Rabobank decided to shed some light on the upcoming release. “The
Technical set up still favors the bear camp
From a longer term technical perspective, the set up on the daily chart appears to give the bear camp the advantage. The FXstreet.com Trend Index remains strongly bearish on the daily chart, while the ob/os index remains neutral. Furthermore, both short term moving averages and the RSI (14) are also bearish. Often times when these indicators all line up in a bearish set up, it may help to influence a “sell the rally” mentality as we progress throughout the week. Initial resistance remains at 149.43 (previous day high), while first support sits at 147.85 (previous day low).
UK CPI data due out at 8:30GMT
Market participants should be aware that the UK will be released its latest CPI data later on in the session. Analysts at Rabobank decided to shed some light on the upcoming release. “The
Technical set up still favors the bear camp
From a longer term technical perspective, the set up on the daily chart appears to give the bear camp the advantage. The FXstreet.com Trend Index remains strongly bearish on the daily chart, while the ob/os index remains neutral. Furthermore, both short term moving averages and the RSI (14) are also bearish. Often times when these indicators all line up in a bearish set up, it may help to influence a “sell the rally” mentality as we progress throughout the week. Initial resistance remains at 149.43 (previous day high), while first support sits at 147.85 (previous day low).