6 Sep 2013
GBP/JPY continues to ascend
FXstreet.com (London) - GBP/JPY opened in positive territory and bids took the pair to score a high of 156.44.
However, gains were short lived with BoE emphasising low for longer, and GBP/JPY dropping 40 pips from the high to find support below the handle to where the pair has now found territory again in the 156.00 handle. “BOJ left monetary policy unchanged as expected while upgrading its assessment of the economic outlook, saying that a “moderate recovery is underway” - said Marcin Budkiewicz, Strategist, Rates and FX Research at TD Securities. In the numbers for the UK, the UK August services PMI unexpectedly rose to a new cycle high (60.5) with the growth rate the fastest since 2006. The survey also found that order backlogs were the highest since Feb 2000 due to capacity constraints.
GBP/JPY levels
The 20 DMA is 152.75, the 50 DMA is 151.75 and the 200 DMA is 147.15. RSI (14) reads 69.66. Supports are ascending from 153.60, 154.30, 154.70, 155.05 and 155.85. Spot is currently 156.01 156.75 156.85 157.55
However, gains were short lived with BoE emphasising low for longer, and GBP/JPY dropping 40 pips from the high to find support below the handle to where the pair has now found territory again in the 156.00 handle. “BOJ left monetary policy unchanged as expected while upgrading its assessment of the economic outlook, saying that a “moderate recovery is underway” - said Marcin Budkiewicz, Strategist, Rates and FX Research at TD Securities. In the numbers for the UK, the UK August services PMI unexpectedly rose to a new cycle high (60.5) with the growth rate the fastest since 2006. The survey also found that order backlogs were the highest since Feb 2000 due to capacity constraints.
GBP/JPY levels
The 20 DMA is 152.75, the 50 DMA is 151.75 and the 200 DMA is 147.15. RSI (14) reads 69.66. Supports are ascending from 153.60, 154.30, 154.70, 155.05 and 155.85. Spot is currently 156.01 156.75 156.85 157.55