GBP/JPY trading 168.50

FXstreet.com (London) - GBP/JPY has maintained higher ground while the pound has been bid following another strong manufacturing PMI report.

GBP/JPY has extended gains along the ascending trend line into the168 territory and convincingly holds the handle at mid point. The pair is consolidating here within a tight range of 40 pips. The low has been 168.22.

GBP/JPY Levels

The 20 DMA is 161.55, the 50 DMA is 159.20 and the 200 DMA is 152.75. RSI (14) reads 59.25. Supports are ascending from 166.00, 166.50, 166.80 and 167.50. Spot is 168.58 and resistances are 168.70, 170.45, 173.00 and 173.65

Dec 3, 2013

Japan's wages up first time in 4 months, positive for inflation prospects

China may set 2014 GDP target at 7% - China EI daily

The latest economic projections for China, reported by the China Economic Information Daily - Chinese business journal - notes that the country may establish a lower GDP target of 7% for 2014. Traders should perceive this latest bit of news as AUD negative as the accepted GDP growth is still around 7.5%, so any figures talking down that number may only exacerbate the AUD negative momentum.