Back
8 Oct 2013
GBP/JPY a possible buy on support?
FXstreet.com (London) - GBP/JPY is on the offer on the fourth wave since Mondays lows on 155.40 and made a high of 156.68.
GBPJPY continues to look a little vulnerable overall. However, the price action across USD/JPY may offer some further support the cross. Meanwhile, from the calendar, we had seen the firmest RICS since Nov 2009 with rising prices reported pretty much across the country. From Japan, the current account surplus narrowed on lower repatriation from overseas subsidiaries. According to the August balance of payments data released by the MOF on October 8, the non-adjusted current account surplus came in at ¥161.5 bn, marking the seventh consecutive month of surplus, but significantly below the market consensus for ¥512.7 bn. Othernews crossing the wires came from an FT report that “Yasuhiro Sato, president of Mizuho Financial Group and one of Japan’s most powerful bankers, has stepped down from a government panel amid a deepening scandal over lending to criminal groups” - FT.
GBP/JPY Levels
The 20 DMA is 157.85, the 50 DMA is 154.65 and the 200 DMA is 149.70. RSI (14) reads 46. Supports are ascending from 153.05,154.15,154.75, 155/60 and 155.80. Spot is currently 155.86 for reference while resistances are 156.10, 156.35, 157.35, 157.55 and 157.85.
GBPJPY continues to look a little vulnerable overall. However, the price action across USD/JPY may offer some further support the cross. Meanwhile, from the calendar, we had seen the firmest RICS since Nov 2009 with rising prices reported pretty much across the country. From Japan, the current account surplus narrowed on lower repatriation from overseas subsidiaries. According to the August balance of payments data released by the MOF on October 8, the non-adjusted current account surplus came in at ¥161.5 bn, marking the seventh consecutive month of surplus, but significantly below the market consensus for ¥512.7 bn. Othernews crossing the wires came from an FT report that “Yasuhiro Sato, president of Mizuho Financial Group and one of Japan’s most powerful bankers, has stepped down from a government panel amid a deepening scandal over lending to criminal groups” - FT.
GBP/JPY Levels
The 20 DMA is 157.85, the 50 DMA is 154.65 and the 200 DMA is 149.70. RSI (14) reads 46. Supports are ascending from 153.05,154.15,154.75, 155/60 and 155.80. Spot is currently 155.86 for reference while resistances are 156.10, 156.35, 157.35, 157.55 and 157.85.