GBP/JPY (Pound Yen)
Technical Analysis Forecast for October
01 2013 by MBCFX
U.K. mortgage approvals rose to the
highest in more than five years in August from 60.9 k to 62.2 k.
And it is expected that the British government will support the purchase of homes
which may help stimulate the real estate sector on the next months.
For the Japanese Yen, we wait the monetary
policy meeting of
the Bank of Japan scheduled
on next week, but we don’t expect the Bank to change its monetary
policy.
Concerning the technical
analysis, we notice that the GBP/JPY pair has succeeded to breach up the ascending
channel, then it entered in the Pullback step, and we expect further decline of
the prices toward the Moving Average ( 200 ) at 158.60, then to 158.20.
So any rally toward the
159.15-159.30 area would represent good opportunities to short the pair.
