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19 Feb 2014
GBP/JPY supported on weaker JPY
FXStreet (Guatemala) - Helped along a little by a slightly more bid USD/JPY and "risk-on" again, post the FOMC minutes, GBP/JPY exceeded through onto the 170 handle from the run up when the pair was trading at the lows of 169.60.
Currently, the cross is being supported at 170.60 in Asian markets. USD/JPY has drifted on the bid but only marginally. Sterling on the other hand had been under pressure in Europe, losing a big figure on the disappointing employment data while the cross recovered in NA markets. Strategist’s at TD Securities explained that, after 9 straight months of a flat/falling unemployment rate, the UK finally saw a bit of a reversal as the unemployment rate unexpectedly ticked higher to 7.2% in Dec (mkt 7.1%). We also had the minutes from the 6 February BoE meeting today, and as expected there wasn’t anything we had not already listened to of late.
GBP/JPY Levels
The 20 DMA is 169.00, the 50 DMA is 170.20 and the 200 DMA is 159.20. RSI (14) reads 48.72. Supports are ascending from 168.80, 169.15, 169.90 and 170.60. Spot is 170.66 while resistances are 171.22, 171.85, 172.30, 172.80 and 173.65.
Currently, the cross is being supported at 170.60 in Asian markets. USD/JPY has drifted on the bid but only marginally. Sterling on the other hand had been under pressure in Europe, losing a big figure on the disappointing employment data while the cross recovered in NA markets. Strategist’s at TD Securities explained that, after 9 straight months of a flat/falling unemployment rate, the UK finally saw a bit of a reversal as the unemployment rate unexpectedly ticked higher to 7.2% in Dec (mkt 7.1%). We also had the minutes from the 6 February BoE meeting today, and as expected there wasn’t anything we had not already listened to of late.
GBP/JPY Levels
The 20 DMA is 169.00, the 50 DMA is 170.20 and the 200 DMA is 159.20. RSI (14) reads 48.72. Supports are ascending from 168.80, 169.15, 169.90 and 170.60. Spot is 170.66 while resistances are 171.22, 171.85, 172.30, 172.80 and 173.65.