FX:GBPJPY   British Pound / Japanese Yen
With both central banks potentially about to announce interesting shifts in monetary policy this week, where do the technical on Sterling/Yen sit? Having broken down below 146.65 the market remains negatively configured, with rallies being sold into. This is reflected in a couple of bear candles that ended last week and an intraday move below 145.45 to a new four week low. Momentum indicators reiterate this negative configuration with the MACD lines beginning to find traction lower, as the Stochastics and RSI are both in decline. During the negative phases, the RSI has tended to move into the 30/35 region suggesting that around 40 there is still further downside potential I this current move. The next support is the 143.75 June low. Rallies are a chance to sell, with today’s early pop higher perhaps ready to give another opportunity. Resistance remains with the neckline at 146.65 with the hourly chart showing 145.75/146.20 is a near term sell zone for an intraday rally.


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