FXstreet.com (Barcelona) - GBP/JPY is currently at 126.99 asks, trapped in the thin 126.90/127.10 range for last 2 hours, once the cross has managed to stall the fall from yesterday's London/NY sessions highs at 127.82, that was Tuesday's lows, around yesterday's/2-week lows 126.70. GBP/JPY is down -1.46% for the week so far.
A few minutes away from RBA minutes and 1 hour more for China CPI data as main two risk events for last Asia-Pacific session of the trading week, GBP/JPY is currently trading at same prices it was doing 2 months ago, still above ascending trend line from early June lows at 118.70. Current risk aversion sentiment in the markets is not helping the bullish case for this Yen cross, that eyes 200 day SMA at just 70 pips below current price.
Immediate support to the downside shows at yesterday's/2-week lows 126.70, followed by May 22 highs 126.46, and Sept 07 highs/200 day SMA at 126.20. To the upside, nearest term resistance comes at yesterday's London session lows 127.20, followed by Wednesday's lows 127.40, and Tuesday's lows 127.85.
A few minutes away from RBA minutes and 1 hour more for China CPI data as main two risk events for last Asia-Pacific session of the trading week, GBP/JPY is currently trading at same prices it was doing 2 months ago, still above ascending trend line from early June lows at 118.70. Current risk aversion sentiment in the markets is not helping the bullish case for this Yen cross, that eyes 200 day SMA at just 70 pips below current price.
Immediate support to the downside shows at yesterday's/2-week lows 126.70, followed by May 22 highs 126.46, and Sept 07 highs/200 day SMA at 126.20. To the upside, nearest term resistance comes at yesterday's London session lows 127.20, followed by Wednesday's lows 127.40, and Tuesday's lows 127.85.
