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12 Sep 2013
GBP/JPY pulling back after hitting Fibonacci projection at 158.46
FXstreet.com (Barcelona) - The GBP/JPY cross is pulling back Thursday after testing technical resistance at 158.46 earlier in the session. The downside accelerated when traders sought refuge in the Yen following a surprisingly weak Aussie jobs report.
GBP/JPY traders get to deal with British inflation chatter Thursday
The GBP/JPY has gone through some selling early Tuesday following a test of Fibonacci-generated resistance at 158.46 earlier in the session and a rotation out of risk and into safety following a poor Australian jobs number.
Traders will now turn their attention to the British inflation hearings that will be going on later in the day Thursday.
Technical outlook for GBP/JPY
After the test of third wave resistance at 158.46, technicians say the GBP/JPY is in the early stages of a fourth wave pullback with potential downside targets at 156.62 and 155.45 – both Fibonacci retracement lines.
GBP/JPY traders get to deal with British inflation chatter Thursday
The GBP/JPY has gone through some selling early Tuesday following a test of Fibonacci-generated resistance at 158.46 earlier in the session and a rotation out of risk and into safety following a poor Australian jobs number.
Traders will now turn their attention to the British inflation hearings that will be going on later in the day Thursday.
Technical outlook for GBP/JPY
After the test of third wave resistance at 158.46, technicians say the GBP/JPY is in the early stages of a fourth wave pullback with potential downside targets at 156.62 and 155.45 – both Fibonacci retracement lines.