GBP/JPY: 155.80 and traded lower

FXstreet.com (London) - The cross has not recovered as much ground as its counterparts did when Japans economic minister said that the yens weakness could be ‘harmful’ to the economy.

The pair slid from 156.40 territory on Fridays high to open this morning in European markets much lower after the trading in Asia shed around half a big figure to below the 156.00 handle.

This move has touched the bearish channels support within an overall uptrend targeting 156.75. (13th may high). 158.30 comes as next channel resistance and target. 155.80 is supporting until 155.40 and 155.10 with key support in the ascending channel at 154.75.

May 20, 2013

Commodities Brief – Precious metals rebound off Asian lows, crude downside imminent below 96.70 resistance

The yellow metal is moving downwards for the eighth trading day, which initially approached support at the 1321.00 region. However, in being capped by the 20 and 50-day SMA and in addition to negative candlestick formation, further weakness seems likely on the horizon for gold prices. Ultimately, a potential break below the 1321.00 region could bring aggressive downside actions and sweeping movements, though the MACD solidifies the technical anticipations of resuming the downtrend by drawing a negative crossover presently. At the time of writing, the price of gold is now trading at USD $1354.43 per oz. Monday.

Flash: position by buying USDCHF - Bank of America Merrill Lynch

Tomos Rhys Edwards, Bank of America Merrill Lynch Global expect’s the CHF to weaken further, consistent with the overall increase in global risk appetite and recent improvements in the Eurozone periphery.