Fairly one way traffic at the moment.
AUD/JPY has done 450 odd pips in a week.
USD/JPY nearly 300.
EUR/JPY 300
GBP/JPY is the winner with nigh on 550 pips so far.
USD/JPY has been looking soft with nervousness ahead of some big data and another bout of selling in the Nikkei. EUR/JPY has been held up by euro strength elsewhere otherwise it would probably be joining GBP/JPY in its losses.
GBP/JPY is on it’s way to posting five straight days of losses but even so there are points that we should note that may contain the falls in the short term.We broke back below the May resistance line (which became resistance again) then down through a short term support line at 150. We’re now only 30 odd pips from a longer term support line from Feb through April 2013. this comes in at 148.28.
Below here further support is 148.07 then 146.97. After that we have the 61.8 fib from the Apr/May lo hi at 146.62 and strong support at 146.48. From there there’s not much in the way until the 38.2 fib from the Nov 2012/2013 high at 144.87.
It may seem like a long way to go but as this pair can move 100-200 pips in a normal day we shouldn’t rule anything out.
Resistance to the upside;
- 156.44 strong res
- 155.23 strong res
- 153.12 strong res
- 152.16 res
- 152 55h4 ma
- 151.73 55 dma
- 151.53 res
- 151.25 100 h4ma
- 150.86 200 h4ma
- 150.43/50 res, 100 dma
