Japanese currency erodes the fall yesterday to reach the peak of 80.98. Yen is still in a period ranging with the projection has not changed, traded between 80.10 and 81.40 since mid last week.
"Indicators per hour shows a bearish signal is thin, the price of losing momentum in high school under 20," said Valeria Bednarik, Chief Analyst FXStreet.com. While the indicators of JPY 4 hour show is still constrained below the middle and moving up. "Moves Sideways, the yen should recovered above the 81.50 area to continue to rise, "said Bednarik. Meanwhile, if broken below the 80.00 level, a bearish acceleration might lead to a closer level of 79.00 yen.
For the pound sterling strengthened traded in the range of 1.6280 after the release of CPI inflation data exceeded expectations. The focus of the next market will be focused on meeting the EU Finance Ministers for European sovereign debt crisis resolution.
Based on technical studies, intraday bias is still bullish, especially after successfully penetrating consistently GBP upwards to target the 1.6250 key resistance area at 1.6320. But as long as price is still trading below 1.6380 area is still dominant bearish outlook
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