JPY & GBP Outlook

From the FXWW Chatroom: WP…Jpy – Local bank the sellers pushing Jpy to 110.34 lows. Note support from 200wk mov avg at 110.22 and 110.18/11 the lows from 28 and 27 March lows. Ongoing talk of barrier int into 110.00-109.90 seen as support. 200dma in gbpjpy and eurjpy at 137.12 and 117.73. Normally the 200dma see a bounce on the initial test and after this mornings post 6am related selling in cable 1.2478 to 1.2421 have picked up some gbpjpy. In gbp supports from 100dma at 1.2418 and 1.2423 the 76.4% $1.2377-1.2574 move.  Traders here favour selling eurgbp into the moving avg 200dma at 0.8590 and 50dma at 0.8586.  Failure to see a close in this cross below 0.8518 saw the models all buy back shorts.

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