5 Feb 2014
GBP/JPY is continuing on the bid, but for how long?
FXStreet (Guatemala) - GBP/JPY is strong today but the weak is going to start positioning itself for the run up to the US labour market reports over the coming days.
Derek Halpenny at The Bank of Tokyo-Mitsubishi UFJ noted that given the run of weak data perhaps that’s where the risks lie but they expect solid support from Japanese names to keep USD/JPY above the 100.00 level. This implies that we might see the Yen appreciate again on Us fundamentals. Non Farm Payrolls are now in sight.
GBP/JPY Levels
The 20 DMA is 170.25, the 50 DMA is 170.00 and the 200 DMA is 158.45. Supports are ascending from 163.70, 163.90 and 164.30. Spot is 165.64 while resistances are now 165.80, 166.00 ahead of 166.90, 167.70, 168.20 and 169.30.
Derek Halpenny at The Bank of Tokyo-Mitsubishi UFJ noted that given the run of weak data perhaps that’s where the risks lie but they expect solid support from Japanese names to keep USD/JPY above the 100.00 level. This implies that we might see the Yen appreciate again on Us fundamentals. Non Farm Payrolls are now in sight.
GBP/JPY Levels
The 20 DMA is 170.25, the 50 DMA is 170.00 and the 200 DMA is 158.45. Supports are ascending from 163.70, 163.90 and 164.30. Spot is 165.64 while resistances are now 165.80, 166.00 ahead of 166.90, 167.70, 168.20 and 169.30.