26 Mar 2014
GBP/JPY a drift higher despite low UK CPI
FXStreet (Guatemala) - GBP/JPY is technically on the bid but momentum is slow in the markets. Meanwhile, Sterling markets were active in Europe.
GBP/JPY had been on a rally from the 168.40 mark in early doors overnight European markets while 169.20 came as a blockade for the bulls. The data from the UK came in the form of CPI that was in fact delivering to the consensus of 1.7% Y/Y for March and lowest since level of inflation for the UK since Oct 2009. Markets were already positioned for a disappointment it seems as sterling popped higher on the release. Meanwhile, headwinds for stocks due to less Fed policy accommodation should benefit the JPY according to strategists at TD Securities.
GBP/JPY Levels
The 20 DMA is 170.15, the 50 DMA is 169.85 and the 200 DMA is 161.30. RSI (14) reads 60.98. Supports are ascending from 167.20, 167.50, 167.80, 168.15 and 168.80. Spot is 169.17 while resistances are reading 170.55, 171.60 and 172.10.
GBP/JPY had been on a rally from the 168.40 mark in early doors overnight European markets while 169.20 came as a blockade for the bulls. The data from the UK came in the form of CPI that was in fact delivering to the consensus of 1.7% Y/Y for March and lowest since level of inflation for the UK since Oct 2009. Markets were already positioned for a disappointment it seems as sterling popped higher on the release. Meanwhile, headwinds for stocks due to less Fed policy accommodation should benefit the JPY according to strategists at TD Securities.
GBP/JPY Levels
The 20 DMA is 170.15, the 50 DMA is 169.85 and the 200 DMA is 161.30. RSI (14) reads 60.98. Supports are ascending from 167.20, 167.50, 167.80, 168.15 and 168.80. Spot is 169.17 while resistances are reading 170.55, 171.60 and 172.10.