19 Nov 2013
GBP/JPY climbing for highs?
FXstreet.com (London) - GBP/JPY has been caught up in the malaise of Asian activity overnight and has been climbing through level’s that brings the pair towards last Friday’s highs.
The big news came from China as Zhou announced a widening of the trading band for the Yuan. This took $/Asia sharply lower. However, this quickly reversed as Zhou went on to say that PBOC would exit from its normal intervention in FX. GBP/USD rallied on the Zhou news but again stalled on supply and a sell off in the Euro took it back to 1.6085. Meanwhile, USD/JPY is bid through 100.00 and while supported on key 99.50, GBP/JPY has the green light for further gains.
USD/JPY Levels
The 20 DMA is 158.50, the 50 DMA is 158.05 and the 200 DMA is 151.85. RSI (14) reads 60.54. Supports are ascending from 159.10, 159.25, 159.65, 160.00 and 160.65. Spot is 161.42 while resistances are 161.75, 162.45 and 162.60.
The big news came from China as Zhou announced a widening of the trading band for the Yuan. This took $/Asia sharply lower. However, this quickly reversed as Zhou went on to say that PBOC would exit from its normal intervention in FX. GBP/USD rallied on the Zhou news but again stalled on supply and a sell off in the Euro took it back to 1.6085. Meanwhile, USD/JPY is bid through 100.00 and while supported on key 99.50, GBP/JPY has the green light for further gains.
USD/JPY Levels
The 20 DMA is 158.50, the 50 DMA is 158.05 and the 200 DMA is 151.85. RSI (14) reads 60.54. Supports are ascending from 159.10, 159.25, 159.65, 160.00 and 160.65. Spot is 161.42 while resistances are 161.75, 162.45 and 162.60.