13 Dec 2013
GBP/JPY ending the week on the back foot
FXstreet.com (London) - FXstreet.com (London) - GBP/JPY ending the week on the back foot GBP/JPY has been down on the week and has continued into the closing hours on the offer.
GBP/JPY attempted a run through 168.00 but met more supply that capped the pair and took it back into the 167 handle momentarily. Derek Halpenny, strategist at The Bank of Tokyo-Mitsubishi UFJ, Ltd explained the latest support for the dollar came from the news that the House passed the agreed US budget deal last night and passed it with ease; by 332-94 votes. This has kept the cross in GBP/JPY on the back foot as well with Sterling much lower as a result.
GBP/JPY Levels
The 20 DMA is 165.85, the 50 DMA is 160.95 and the 200 DMA is 154.00. RSI (14) reads 28.18. Supports are ascending from 166.85,167.25 and 167.40. Spot is 168.21 with resistances at 168.20,169.65,170.05, 171.35, 173.00 and 173.65.
GBP/JPY attempted a run through 168.00 but met more supply that capped the pair and took it back into the 167 handle momentarily. Derek Halpenny, strategist at The Bank of Tokyo-Mitsubishi UFJ, Ltd explained the latest support for the dollar came from the news that the House passed the agreed US budget deal last night and passed it with ease; by 332-94 votes. This has kept the cross in GBP/JPY on the back foot as well with Sterling much lower as a result.
GBP/JPY Levels
The 20 DMA is 165.85, the 50 DMA is 160.95 and the 200 DMA is 154.00. RSI (14) reads 28.18. Supports are ascending from 166.85,167.25 and 167.40. Spot is 168.21 with resistances at 168.20,169.65,170.05, 171.35, 173.00 and 173.65.