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Short GBPJPY (Stop at 133.35)

Short GBPJPY (Stop at 133.35)

2011-02-03 15:48:00
Michael Wright, Currency Analyst
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The GBPJPY pared yesterday’s losses and now looks poised to continue its southern journey as the pair managed to dip below its rising hourly trend line. At the same time, the pair failed to break above the 200-day simple moving average. This SMA is of particular importance due to the fact that it is served as resistance since December 2009. Looking ahead, market participants will be faced with the U.K. Halifax house prices. A report less than forecasts paired with risk aversion spilling into the tomorrow’s trade may lead the pair to test 131.43. A break below this level exposes the 129 area. All in all, I will remain short from 132.17, with a target of 130.7.

Meanwhile, I was stopped out of my EURCHF short as price action managed to break above its descending trend line that I continuously noted. Tomorrow’s EU meeting in Brussels will likely paint a clearer picture for the single currency.

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