13 May 2015
GBP/JPY: On the way to Dec 14 highs?
FXStreet (Guatemala) - GBP/JPY is currently trading at 187.58 with a high of 1.8869 and a low of 187.02.
GBP/JPY is back on the bid and challenging today's downside from the mid point of the 188 handle. The Yen has been in favour, taking out 119.80 to pressure the less committed bulls all the way down the handle until the round 119 figure where support comes in and offers the cross an upside chance. Sterling has been quite a show today with good two way business, firstly bid on wages data but then bulls became compromised on a cautious and dovish rhetoric in the inflation and economic outlook from Carney.
Technically, the price action has been choppy and comes with no clear signals. RSI (14) is in buyers territory at 42 on the hourly with Stoch-RSI 14 at 1.29 and oversold. The hourly trend is a clear bull trend with next key support coming at SMA 100 185.96 with 189.70 the Dec 14 highs as bulls target.
GBP/JPY is back on the bid and challenging today's downside from the mid point of the 188 handle. The Yen has been in favour, taking out 119.80 to pressure the less committed bulls all the way down the handle until the round 119 figure where support comes in and offers the cross an upside chance. Sterling has been quite a show today with good two way business, firstly bid on wages data but then bulls became compromised on a cautious and dovish rhetoric in the inflation and economic outlook from Carney.
Technically, the price action has been choppy and comes with no clear signals. RSI (14) is in buyers territory at 42 on the hourly with Stoch-RSI 14 at 1.29 and oversold. The hourly trend is a clear bull trend with next key support coming at SMA 100 185.96 with 189.70 the Dec 14 highs as bulls target.