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28 Feb 2014
GBP/JPY riding US flows, holding mid 170's
FXStreet (Guatemala) - GBP/JPY fell sharply overnight scoring a low beyond 169.40 and 169.20 support, but this was momentary until the pair bounced and settled in towards 170.50/60.
The markets are sensitive and jittery and the move was mostly felt as a result of flows through the dollar denomination in the cross. Meanwhile, Investec Bank chief economist, Philip Shaw, said “Sterling should remain well supported over the coming months but we continue to view nerves over the Scottish referendum and the General Election as downside risks to the currency”.
GBP/JPY Levels
The 20 DMA is 168.95, the 50 DMA is 170.45 and the 200 DMA is 159.65. RSI (14) reads 54.77. Supports are ascending from 168.30,168.60, 169.10 and 169.90. Spot is 170.42 while resistances are 171.10, 171.85, 172.30 and 173.65.
The markets are sensitive and jittery and the move was mostly felt as a result of flows through the dollar denomination in the cross. Meanwhile, Investec Bank chief economist, Philip Shaw, said “Sterling should remain well supported over the coming months but we continue to view nerves over the Scottish referendum and the General Election as downside risks to the currency”.
GBP/JPY Levels
The 20 DMA is 168.95, the 50 DMA is 170.45 and the 200 DMA is 159.65. RSI (14) reads 54.77. Supports are ascending from 168.30,168.60, 169.10 and 169.90. Spot is 170.42 while resistances are 171.10, 171.85, 172.30 and 173.65.