FXstreet.com (Barcelona) - The Sterling has find support against the Yen at 147.10 in the European morning after falling 200 pips in the Asian session from intra-day high at 149.10. The pair has broken 147.70/1.4910 range that GBP/USD trades on consolidation mode after the Wednesday and Thursday bullish movement.
Currently the pair is trading around 147.50/60, close to MA55 hourly chart level, 0.55% above today's opening price action at 148.40.
Rajoo C, analyst at Precise Trader, comments: The Price is trading Above the Monthly, marginally below the Weekly open and closed well above the Res Zone 1. GBP is mildly Weak and JPY is Flat , so GBP/JPY is expected to be choppy until one of the cross breakout. The Price on the Hourly is in a Range trading and expect a choppy session, the price should not trade below 14770-1485 to maintain the bullish outlook . On the 5 min is also Choppy with no clear patterns. The Bulls pay attention to 14790-14675 levels while the Bears pay attention to 14905-15025.FED Chairman Speaks Today. Conservative Traders: Be SIDELINED or strictly trade only at Precise Traders Report levels. Aggressive Traders : Be SIDELINED until the signals are clear.