25 Sep 2013
GBP/JPY defining trend?
FXstreet.com (London) - GBP/JPY has broken to the upside, clearing 158.40 resistance before finding strong supply between 158.60/85.
With a hold above these levels and the possibility of further fiscal stimulus to be announced by Abe’s administration in the coming week, a move back above 99.70 remains on the cards for USD/JPY which too would be good news for the cross. Abe speaks today and markets will be noting the possibility of some positive remarks which could be a boast for Japanese Stocks.
GBP/JPY Levels
20 DMA is 156.70, the 50 DMA is 153.70 and the 200 DMA is 148.85. RSI (14) reads 57.09. Supports are ascending from 156.20, 156.65, 157.00, 157.30 and 157.95. Spot is currently 158.35 while resistances are coming in at 158.95, 159.70 and 160.00.
With a hold above these levels and the possibility of further fiscal stimulus to be announced by Abe’s administration in the coming week, a move back above 99.70 remains on the cards for USD/JPY which too would be good news for the cross. Abe speaks today and markets will be noting the possibility of some positive remarks which could be a boast for Japanese Stocks.
GBP/JPY Levels
20 DMA is 156.70, the 50 DMA is 153.70 and the 200 DMA is 148.85. RSI (14) reads 57.09. Supports are ascending from 156.20, 156.65, 157.00, 157.30 and 157.95. Spot is currently 158.35 while resistances are coming in at 158.95, 159.70 and 160.00.