21 Mar 2014
GBP/JPY pressing on 169 again
FXStreet (Guatemala) - GBP/JPY has been pressing on 169 to the downside after scaling back some lost ground up to 169.20 post the slide from above 169.60.
Strategists at TD Securities reminded that the looming tax hike in Japan would not trigger a policy reaction from the BoJ until late summer, leaving the JPY at the mercy of external drivers. There was nothing much from the calendar for the cross in earlier trading, except a slice o f the action came with the UK’s CBI Industrial Trends Survey - Orders (MoM) (Mar) that lifted the pound with a rise to 6 vs 5 consensus and 3 on previous. The yen got a recent lift when BOJ's Kuroda explained that Japan was moving steadily toward 2% inflation target.
GBP/JPY Levels
The 20 DMA is 170.40, the 50 DMA is 170.00 and the 200 DMA is 161.00. RSI (14) reads 48.91. Supports are ascending from 166.80, 167.20, and 167.80. Spot is 168.96 while resistances are169.15, 169.40, 170.55, 171.60, 172.10 and 172.85.
Strategists at TD Securities reminded that the looming tax hike in Japan would not trigger a policy reaction from the BoJ until late summer, leaving the JPY at the mercy of external drivers. There was nothing much from the calendar for the cross in earlier trading, except a slice o f the action came with the UK’s CBI Industrial Trends Survey - Orders (MoM) (Mar) that lifted the pound with a rise to 6 vs 5 consensus and 3 on previous. The yen got a recent lift when BOJ's Kuroda explained that Japan was moving steadily toward 2% inflation target.
GBP/JPY Levels
The 20 DMA is 170.40, the 50 DMA is 170.00 and the 200 DMA is 161.00. RSI (14) reads 48.91. Supports are ascending from 166.80, 167.20, and 167.80. Spot is 168.96 while resistances are169.15, 169.40, 170.55, 171.60, 172.10 and 172.85.