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19 Jun 2013
GBP/JPY climbing back towards pivot
FXstreet.com (London) - GBP/JPY climbing back towards pivot
GBP/JPY has started descending into another what may form as yet another wave, meeting resistance at 148.80 and rejected before the pivot at 149.06.
GBP/JPY data
Overnight, Japan's trade balance figures for the month of May came in at Y993.9 billion vs estimates of Y1200.0 billion and a previous trade balance of Y362.4 billion. Meanwhile, Japan's adjusted trade balance (May) stood at Y821.045 billion vs Y892.8 billion expected. May imports y/y came in at +10.0% vs +10.8% expected, with exports better than expected, up at +10.1% in May vs +6.5%% expected. In the UK, we have seen a raft of slightly more up beat data in from the economy and this morning we got the BoE Minutes. The vote was unanimous with regards to rates being left on hold, 9 - 0. However, there was a 6-3 split with regards to their bond purchasing programme and QE, essentially echoing previous months.
GBP/JPY sideways
GBP/JPY has been trapped in a100 pip range and sideways channel. The pair is torn between USD, GBP and Yen focus, with the Yen the worst performer and GBP slightly more bid. Resistance remains as 149.50 with a slightly bearish formation now appearing on the hourly charts supported 148.20.
GBP/JPY has started descending into another what may form as yet another wave, meeting resistance at 148.80 and rejected before the pivot at 149.06.
GBP/JPY data
Overnight, Japan's trade balance figures for the month of May came in at Y993.9 billion vs estimates of Y1200.0 billion and a previous trade balance of Y362.4 billion. Meanwhile, Japan's adjusted trade balance (May) stood at Y821.045 billion vs Y892.8 billion expected. May imports y/y came in at +10.0% vs +10.8% expected, with exports better than expected, up at +10.1% in May vs +6.5%% expected. In the UK, we have seen a raft of slightly more up beat data in from the economy and this morning we got the BoE Minutes. The vote was unanimous with regards to rates being left on hold, 9 - 0. However, there was a 6-3 split with regards to their bond purchasing programme and QE, essentially echoing previous months.
GBP/JPY sideways
GBP/JPY has been trapped in a100 pip range and sideways channel. The pair is torn between USD, GBP and Yen focus, with the Yen the worst performer and GBP slightly more bid. Resistance remains as 149.50 with a slightly bearish formation now appearing on the hourly charts supported 148.20.