8 Nov 2013
GBP/JPY heading for the pivot and key support?
FXstreet.com (London) - GBP/JPY is trading above the pivot of 158.05 and support ahead of the 20 DMA at 157.80 after falling from above the 159.00 highs yesterday when it reach a low of 157.27.
The Yen strengthened across the board taking traders by surprise and executing stops along the way, while stocks randomly decided to nose dive. The US has since been propped up by a surprise set of NFP’s numbers that has seen the dollar rally and notably JPY has suffered as a consequence. Next up for markets to consider for the positioning of Sterling are the UK releases. A currency research team at RBS said, “Markets will now turn to The UK unemployment rate that takes centre stage in the coming week: the latest data (we forecast a fall to 7.6%) and the November Inflation Report forecast revisions (where we expect the MPC to bring forward, by around two quarters to Q1 2016, the point where the 7% threshold is reached).
GBP/JPY Levels
The 20 DMA is 157.80, the 50 DMA is 157.35 and the 200 DMA is 151.35. RSI (14) reads 51.86. Supports are ascending from 155.90, 156.45,156.60, 157.35, 158.05. Spot is currently 158.24 with next key resistance at 159.30, then 159.55 and 160.00.
The Yen strengthened across the board taking traders by surprise and executing stops along the way, while stocks randomly decided to nose dive. The US has since been propped up by a surprise set of NFP’s numbers that has seen the dollar rally and notably JPY has suffered as a consequence. Next up for markets to consider for the positioning of Sterling are the UK releases. A currency research team at RBS said, “Markets will now turn to The UK unemployment rate that takes centre stage in the coming week: the latest data (we forecast a fall to 7.6%) and the November Inflation Report forecast revisions (where we expect the MPC to bring forward, by around two quarters to Q1 2016, the point where the 7% threshold is reached).
GBP/JPY Levels
The 20 DMA is 157.80, the 50 DMA is 157.35 and the 200 DMA is 151.35. RSI (14) reads 51.86. Supports are ascending from 155.90, 156.45,156.60, 157.35, 158.05. Spot is currently 158.24 with next key resistance at 159.30, then 159.55 and 160.00.