31 Jan 2014
GBP/JPY on an aggressive downtrend
FXstreet.com (Guatemala) - GBP/JPY has made a move for the 168 handle and currently trades into the 164.80’s.
This week has been about ME’s for the cross in respect of QE and the Yen has been a major benefactor as a safe haven. USD/JPY has taken out support levels , perhaps a follow through on firmer CPI overnight in Japan but is testing the downside through the102 handle and weighs on the cross. Cable also collapsed by half a figure. Back to the Yen though, this maybe bad news for the bulls, that a break and a close or two below 102 as a psychological level might end the bullish case for the unit in the near term, dragging hard on the cross.
GBP/JPY Levels
The 20 DMA is 171.05, the 50 DMA is 169.90 and the 200 DMA is 158.25. RSI (14) reads 38.80. Supports are ascending from 166.60, 167.55, 167.80. Spot is 168.06 while resistances are 168.85, 169.80, 171.45, 172.30 and 172.80.
This week has been about ME’s for the cross in respect of QE and the Yen has been a major benefactor as a safe haven. USD/JPY has taken out support levels , perhaps a follow through on firmer CPI overnight in Japan but is testing the downside through the102 handle and weighs on the cross. Cable also collapsed by half a figure. Back to the Yen though, this maybe bad news for the bulls, that a break and a close or two below 102 as a psychological level might end the bullish case for the unit in the near term, dragging hard on the cross.
GBP/JPY Levels
The 20 DMA is 171.05, the 50 DMA is 169.90 and the 200 DMA is 158.25. RSI (14) reads 38.80. Supports are ascending from 166.60, 167.55, 167.80. Spot is 168.06 while resistances are 168.85, 169.80, 171.45, 172.30 and 172.80.