4 Feb 2014
GBP/JPY edging up towards 165.00
FXStreet (Guatemala) - GBP/JPY has pulled itself back in off the lows against the grain and attempting the upside towards 165.00.
The pair was sold off on risk off throughout Europe and NY in response to emerging market currency sell offs that have continued on the latest PMI surveys from China. Furthermore, as Sean Callow, strategist at Westpac noted, UK PMI factory fell from 57.2 to 56.7 in Jan, exactly in line with its average over the previous six months, and still close to two year highs, suggesting that flat official industrial production data at the end of 2013 will soon pick up again.
GBP/JPY Levels
The 20 DMA is 170.85, the 50 DMA is 169.95 and the 200 DMA is 158.35. RSI (14) reads 50.51. Spot is 164.93.
The pair was sold off on risk off throughout Europe and NY in response to emerging market currency sell offs that have continued on the latest PMI surveys from China. Furthermore, as Sean Callow, strategist at Westpac noted, UK PMI factory fell from 57.2 to 56.7 in Jan, exactly in line with its average over the previous six months, and still close to two year highs, suggesting that flat official industrial production data at the end of 2013 will soon pick up again.
GBP/JPY Levels
The 20 DMA is 170.85, the 50 DMA is 169.95 and the 200 DMA is 158.35. RSI (14) reads 50.51. Spot is 164.93.