British Pound traded lower against the Japanese Yen and it looks set for more losses moving ahead.
GBPJPY cleared a major support area, which ignited a major downside move.
There are a couple of releases lined up in the UK, including the Consumer Credit which will be reported by the Bank of England.
GBPJPY Technical AnalysisThe British Pound struggled recently against the Japanese Yen, as the GBPJPY pair traded lower to trade near 181.20-30. There was a major support built around 184.00-20, which was cleared to open the doors for more losses in the near term. The worst part was the fact that the pair settled below the 100 hourly simple moving average.There is a chance that the pair might head towards the last swing low of 180.40 where there is a chance of buyers appearing. A break below it could take the pair towards the all-important 180.0 handle.If the pair corrects higher, then there is a bearish trend line formed on the 4-hours chart which is likely to act as a hurdle moving ahead. Moreover, the broken support area near 184.00-20 might act as a resistance in the near term. Lastly, the 38.2% Fib retracement level of the last move from the 188.26 high to 181.27 low is also positioned around the trend line and resistance area to act as a resistance.UK Consumer Credit and Mortgage ApprovalsToday, there are a couple of minor releases lined up in the UK. The first one is the Consumer Credit, which is an amount of money that individuals borrowed in the previous month published by the Bank of England. The forecast is lined up for a reading of £1.200B in August 2015, compared with the last reading of £1.173B. The second release will be the Mortgage Approvals that presents number of various Mortgage Approvals. The forecast is of 70.000K in August 2015, compared with the last reading of 68.764K.There are some other releases as well like the M4 Money Supply and UK Net Lending to Individuals. Let us see how the outcome shapes up and affects the British Pound in the near term. A major disappointment might call for losses in the near term.
There is a chance that the pair might head towards the last swing low of 180.40 where there is a chance of buyers appearing. A break below it could take the pair towards the all-important 180.0 handle.If the pair corrects higher, then there is a bearish trend line formed on the 4-hours chart which is likely to act as a hurdle moving ahead. Moreover, the broken support area near 184.00-20 might act as a resistance in the near term. Lastly, the 38.2% Fib retracement level of the last move from the 188.26 high to 181.27 low is also positioned around the trend line and resistance area to act as a resistance.UK Consumer Credit and Mortgage ApprovalsToday, there are a couple of minor releases lined up in the UK. The first one is the Consumer Credit, which is an amount of money that individuals borrowed in the previous month published by the Bank of England. The forecast is lined up for a reading of £1.200B in August 2015, compared with the last reading of £1.173B. The second release will be the Mortgage Approvals that presents number of various Mortgage Approvals. The forecast is of 70.000K in August 2015, compared with the last reading of 68.764K.There are some other releases as well like the M4 Money Supply and UK Net Lending to Individuals. Let us see how the outcome shapes up and affects the British Pound in the near term. A major disappointment might call for losses in the near term.
There is a chance that the pair might head towards the last swing low of 180.40 where there is a chance of buyers appearing. A break below it could take the pair towards the all-important 180.0 handle.If the pair corrects higher, then there is a bearish trend line formed on the 4-hours chart which is likely to act as a hurdle moving ahead. Moreover, the broken support area near 184.00-20 might act as a resistance in the near term. Lastly, the 38.2% Fib retracement level of the last move from the 188.26 high to 181.27 low is also positioned around the trend line and resistance area to act as a resistance.UK Consumer Credit and Mortgage ApprovalsToday, there are a couple of minor releases lined up in the UK. The first one is the Consumer Credit, which is an amount of money that individuals borrowed in the previous month published by the Bank of England. The forecast is lined up for a reading of £1.200B in August 2015, compared with the last reading of £1.173B. The second release will be the Mortgage Approvals that presents number of various Mortgage Approvals. The forecast is of 70.000K in August 2015, compared with the last reading of 68.764K.There are some other releases as well like the M4 Money Supply and UK Net Lending to Individuals. Let us see how the outcome shapes up and affects the British Pound in the near term. A major disappointment might call for losses in the near term.