7 Feb 2014
GBP/JPY back on track towards the highs
FXStreet (Guatemala) - GBP/JPY has been volatile, tracking USD/JPY and cable, with a series of spikes between 166.20 and through 168.00.
GBP/JPY has settled back in a continuation of the up trending channel between 166.60 and the high’s of the day post a disappointing Nonfarm Payrolls number that took the spot light at the end of this week. Investec bank dealers noted that Mark Carney and the other MPC members are in no rush to raise interest rates, with the market expectantly waiting for them to announce a plan as to how they will navigate policy in light of the fall in unemployment. “It now seems any new guidance will be previewed with next Wednesday’s Quarterly Inflation Report”.
GBP/JPY Levels
The 20 DMA is 169.55, the 50 DMA is 170.00 and the 200 DMA is 158.60. RSI (14) reads 63.63. Supports are ascending from 163.70, 163.90, 164.60, 164.95and 166.90, Spot is 167.87 with resistances sighted at 168.20 and 169.30.
GBP/JPY has settled back in a continuation of the up trending channel between 166.60 and the high’s of the day post a disappointing Nonfarm Payrolls number that took the spot light at the end of this week. Investec bank dealers noted that Mark Carney and the other MPC members are in no rush to raise interest rates, with the market expectantly waiting for them to announce a plan as to how they will navigate policy in light of the fall in unemployment. “It now seems any new guidance will be previewed with next Wednesday’s Quarterly Inflation Report”.
GBP/JPY Levels
The 20 DMA is 169.55, the 50 DMA is 170.00 and the 200 DMA is 158.60. RSI (14) reads 63.63. Supports are ascending from 163.70, 163.90, 164.60, 164.95and 166.90, Spot is 167.87 with resistances sighted at 168.20 and 169.30.