7 Aug 2013
GBP/JPY continues to the downside
FXstreet.com (Barcelona) - GBP/JPY is continuing to the downside from yesterday, losing over three big figures since Tuesday.
GBP/JPY is now printing fresh lows in the European session at 148.13, currently trading 148.33 at the time of writing. It will be aintersting time for the pair with both the BoJ meeting and BoE offers the quarterly inflation report for the UK. Greg Gibbs, Foreign Exchange Amplifying Global FX for Asia at RBS said, “In light of the weaker Japanese data in recent months, the approaching decision on the sales tax, stronger JPY and stalled Japanese equity market, the BoJ could decide to shock the market and ease further on Thursday. Alternatively BoJ Governor Kuroda may warn they are considering such a policy move in coming meetings if the economy, assets and the USD/JPY do not pick up again soon”. Research teams at The Bank of Tokyo-Mitsubishi UFJ, Ltd said “with the UK economy appearing to be gaining further upward momentum in Q3, the BoE may modestly raise its real GDP forecasts today”… “A commitment to keep rates low until 2H 2015 or 2016 would help to keep short rates low and the pound weak in the year ahead”.
USD/JPY testing lower
USD/JPY is trading well below the pivot 150.45 and remains offered. The levels are starting with 20 dma at 151.15, with the 50 dma at 151.05 and the 200 dma is 144.70. RSI (9) reads 39.60. Supports are ascending from 146.55, 147.15, 147.45 and Spot is currently 148.33. Resistances are 149.10, 150.45 (pivot) 150.75, 151.55 and 151.85
GBP/JPY is now printing fresh lows in the European session at 148.13, currently trading 148.33 at the time of writing. It will be aintersting time for the pair with both the BoJ meeting and BoE offers the quarterly inflation report for the UK. Greg Gibbs, Foreign Exchange Amplifying Global FX for Asia at RBS said, “In light of the weaker Japanese data in recent months, the approaching decision on the sales tax, stronger JPY and stalled Japanese equity market, the BoJ could decide to shock the market and ease further on Thursday. Alternatively BoJ Governor Kuroda may warn they are considering such a policy move in coming meetings if the economy, assets and the USD/JPY do not pick up again soon”. Research teams at The Bank of Tokyo-Mitsubishi UFJ, Ltd said “with the UK economy appearing to be gaining further upward momentum in Q3, the BoE may modestly raise its real GDP forecasts today”… “A commitment to keep rates low until 2H 2015 or 2016 would help to keep short rates low and the pound weak in the year ahead”.
USD/JPY testing lower
USD/JPY is trading well below the pivot 150.45 and remains offered. The levels are starting with 20 dma at 151.15, with the 50 dma at 151.05 and the 200 dma is 144.70. RSI (9) reads 39.60. Supports are ascending from 146.55, 147.15, 147.45 and Spot is currently 148.33. Resistances are 149.10, 150.45 (pivot) 150.75, 151.55 and 151.85