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14 May 2013
Forex: GBP/JPY drifting lower slightly higher
FXstreet.com (London) - GBP/JPY has come up from lows 154.97 when Japans better that expected numbers in April Domestic Corporate Goods Price Index coming out at 0,0% y/y vs 00.2% lifted up the currency temporarily.
USD/JPY also traded lower. The session has broken the descending channel formation and is oscillating in a narrow rage with a high 155.54. A failure to break higher eyes in for much lower lows from levels set in last weeks break out and run to weekly highs with a reversal back beneath 152.15. Resistance is sighted at 156.72, being the 76.4% fib expansion and a break above there would aim 100% level at 159.00. Near term support is at 154.75, the 61.8% fib.
USD/JPY also traded lower. The session has broken the descending channel formation and is oscillating in a narrow rage with a high 155.54. A failure to break higher eyes in for much lower lows from levels set in last weeks break out and run to weekly highs with a reversal back beneath 152.15. Resistance is sighted at 156.72, being the 76.4% fib expansion and a break above there would aim 100% level at 159.00. Near term support is at 154.75, the 61.8% fib.