23 Sep 2013
GBP/JPY rejected off the bounce 158.80
FXstreet.com (London) - GBP/JPY lost grip from above 159.20 and plummeted to 158.20 bids where the pair bounced and attracted offers ahead of 158.80 resistance.
Sterling has been subject to not only the Fed’s surprise but as research teams at RBS said it “ the dovish forward guidance tweak came at a rather inopportune time as it coincided with an abrupt turn in the data. This has clearly emboldened MPC hawks to cast aspersions on the BoE's 'no hikes until 2016”. The Yen on the other hand has become a funding currency and while the pair is considerably lower, much will depend upon whether USD/JPY can regain territory back into the 0.9900 mark on that basis.
GBP/JPY levels
The 20 DMA is 156.05, the 50 DMA is 153.40 and the 200 DMA is 148.60. RSI (14) reads 43.28. Supports are ascending from 157.00, 157.35, 157.80, 158.05. spot is currently 158.50 ahead of 158.80/159.00 resistances. There after comes159.70, 160.00, 160.40 and 161.40
Sterling has been subject to not only the Fed’s surprise but as research teams at RBS said it “ the dovish forward guidance tweak came at a rather inopportune time as it coincided with an abrupt turn in the data. This has clearly emboldened MPC hawks to cast aspersions on the BoE's 'no hikes until 2016”. The Yen on the other hand has become a funding currency and while the pair is considerably lower, much will depend upon whether USD/JPY can regain territory back into the 0.9900 mark on that basis.
GBP/JPY levels
The 20 DMA is 156.05, the 50 DMA is 153.40 and the 200 DMA is 148.60. RSI (14) reads 43.28. Supports are ascending from 157.00, 157.35, 157.80, 158.05. spot is currently 158.50 ahead of 158.80/159.00 resistances. There after comes159.70, 160.00, 160.40 and 161.40