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Forex: GBP/JPY ranges above support

By FXstreet.com,  January 03, 2013, 05:08:00 AM EDT

FXstreet.com (Barcelona) - Having declined from yesterday´s fiscal cliff crescendo high at 142.75, GBP/JPY has declined to find support at Camarilla S3 support.

Spot is currently trading at 141.37, where the Camarilla S3 support line sits, having found support at this level on two occasions already previously this year. The hourly 20 MA looks to be providing a tight line of resistance of spot while RSI is at 45 and looking like it is holding a slight downside bias. After a morning of mixed to positive economic data, focus now shifts to the US calendar which sees MBA Mortgage applications at 12:00 GMT, ADP Employment Change at 13:15 GMT and Initial and Continuing Jobless Claims at 13:30 GMT. However, the headline event is the FOMC minutes at 19:00 GMT. The Danske research team recommend looking for buying opportunities on dips.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

Referenced Stocks:



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