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8 Jan 2014
GBP/JPY stalling on yearly hours
FXstreet.com (Guatemala) - GBP/JPY has been riding the waves from 170.80 to reach a high of 172.84.
Strategists at TD Securities explained that a Japanese government official commented that the correction to the JPY’s “excessive” strength was not over, JPY could weaken further on fundamentals. The pair is caught up between the counterparts and the focus on the dollar is holding the cross up and back to 172.60. Meanwhile, all eyes are going to be on the FOMC Minutes coming up effecting USD/JPY and GBP/USD and subsequently the cross. We are looking forward to knowing how unanimous the taper move was. It will be interested to know how the spread of opinions and reservations around this move were which should give us an idea on what it would take for the FOMC to actually consider upping or slowing the pace of taper.
GBP/JPY Levels
The 20 DMA is 170.90, the 50 DMA is 165.95 and the 200 DMA is 156.50. RSI (14) reads 52.72. Supports are 170.15, 170.40, 170.80 and 171.30. Spot is 172.63 while resistances are at 173.25, 173.65 and 173.95.
Strategists at TD Securities explained that a Japanese government official commented that the correction to the JPY’s “excessive” strength was not over, JPY could weaken further on fundamentals. The pair is caught up between the counterparts and the focus on the dollar is holding the cross up and back to 172.60. Meanwhile, all eyes are going to be on the FOMC Minutes coming up effecting USD/JPY and GBP/USD and subsequently the cross. We are looking forward to knowing how unanimous the taper move was. It will be interested to know how the spread of opinions and reservations around this move were which should give us an idea on what it would take for the FOMC to actually consider upping or slowing the pace of taper.
GBP/JPY Levels
The 20 DMA is 170.90, the 50 DMA is 165.95 and the 200 DMA is 156.50. RSI (14) reads 52.72. Supports are 170.15, 170.40, 170.80 and 171.30. Spot is 172.63 while resistances are at 173.25, 173.65 and 173.95.