9 Oct 2013
GBP/JPY reversing gains; what’s next catalyst?
FXstreet.com (London) - GBP/JPY rallied and made highs at 156.59 before supply came in and took the pair lower to 155.19 while spot for reference is currently 155.25 at time of writing.
With events today subsiding and digested by markets, except for the ongoing US tensions, focus will now be towards the BoE. The teams at TD Securities went onto say, “The BoE tomorrow should be a non-event with no change to the policy rate or the asset purchase program…the one clear risk is that this is the month they decide to start releasing their monthly statements leaving some potential for GBP shock”.
GBP/JPY Levels
The 20 DMA is 157.80, the 50 DMA is 154.80 and the 200 DMA is 149.75. RSI (14) reads 31.37. Supports are ascending from 153.05, 154.15 and 155.16. Spot is currently 155.25 while resistances are 156.65, 157.35, 157.55 and 157.85.
With events today subsiding and digested by markets, except for the ongoing US tensions, focus will now be towards the BoE. The teams at TD Securities went onto say, “The BoE tomorrow should be a non-event with no change to the policy rate or the asset purchase program…the one clear risk is that this is the month they decide to start releasing their monthly statements leaving some potential for GBP shock”.
GBP/JPY Levels
The 20 DMA is 157.80, the 50 DMA is 154.80 and the 200 DMA is 149.75. RSI (14) reads 31.37. Supports are ascending from 153.05, 154.15 and 155.16. Spot is currently 155.25 while resistances are 156.65, 157.35, 157.55 and 157.85.