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11 Feb 2014
GBP/JPY trending higher; testing 169.00
FXStreet (Guatemala) - GBP/JPY has been trending higher from 167.40 post a drop from 168.20 which was made on Friday. The pair is decisively bid making higher ground with conviction and now tests the169 handle.
Yellen has been all over the screens and print as todays main event and the dollar is somewhat deflated as a result of her remarks. This has seen cable push higher and drag the cross along with it. Her statements caused some alarm in the words around, deteriorating outlook for job market or serious concerns over too-low inflation could cause shift in policy, and a pause would be considered if notable change in the outlook. Else where, there isn’t a huge amount to report from. However, overnight in the form of BRC Retail sales for the UK the figure grew at the fastest pace for almost four years with like for like sales growing by 3.9%, bringing the largest monthly increase since March 2010. Investec Dealers said, “Taking a closer look at the components of this reading it appears that food sales slowed down a little but the likes of homeware increased. It would appear that households have greater confidence to spend their money on that ‘new sofa’ or ‘new wardrobes’, as the housing market goes from strength to strength and employment figures continue to improve”.
GBP/JPY Levels
The 20 DMA is 169.35, the 50 DMA is 170.00 and the 200 DMA is 158.75. RSI (14) reads 61.24. Supports are ascending from 165.05, 165.80, 166.15, 166.70. Spot is 168.91 while resistances are 169.30, 169.80, 171.45 and 172.30.
Yellen has been all over the screens and print as todays main event and the dollar is somewhat deflated as a result of her remarks. This has seen cable push higher and drag the cross along with it. Her statements caused some alarm in the words around, deteriorating outlook for job market or serious concerns over too-low inflation could cause shift in policy, and a pause would be considered if notable change in the outlook. Else where, there isn’t a huge amount to report from. However, overnight in the form of BRC Retail sales for the UK the figure grew at the fastest pace for almost four years with like for like sales growing by 3.9%, bringing the largest monthly increase since March 2010. Investec Dealers said, “Taking a closer look at the components of this reading it appears that food sales slowed down a little but the likes of homeware increased. It would appear that households have greater confidence to spend their money on that ‘new sofa’ or ‘new wardrobes’, as the housing market goes from strength to strength and employment figures continue to improve”.
GBP/JPY Levels
The 20 DMA is 169.35, the 50 DMA is 170.00 and the 200 DMA is 158.75. RSI (14) reads 61.24. Supports are ascending from 165.05, 165.80, 166.15, 166.70. Spot is 168.91 while resistances are 169.30, 169.80, 171.45 and 172.30.