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6 Mar 2014
GBP/JPY scoring highs on Sterling strength
FXStreet (Guatemala) - GBP/JPY is strong and the cross has climbed to score new highs on the week.
Today, the BoE was expected to stick to their guns and rates were left at 0.5% with QE at £375b still. What might be of more importance for the pound and for traders to watch is the outcome of the Financial Policy Committee (FPC) meeting on the March 19th. The FPC could influence the strength of Sterling if it is indeed regarded as unwelcome. Whether they would succeed in any attempt to manipulate it is another matter.
GBP/JPY Levels
The 20 DMA is 169.90, the 50 DMA is 170.45 and the 200 DMA is 160.05. RSI (14) reads 59.60. Supports are 168.30, 168.70,169.65, 170.15 and 171.85. Spot is 172.46 with resistances at172.80 and 173.65.
Today, the BoE was expected to stick to their guns and rates were left at 0.5% with QE at £375b still. What might be of more importance for the pound and for traders to watch is the outcome of the Financial Policy Committee (FPC) meeting on the March 19th. The FPC could influence the strength of Sterling if it is indeed regarded as unwelcome. Whether they would succeed in any attempt to manipulate it is another matter.
GBP/JPY Levels
The 20 DMA is 169.90, the 50 DMA is 170.45 and the 200 DMA is 160.05. RSI (14) reads 59.60. Supports are 168.30, 168.70,169.65, 170.15 and 171.85. Spot is 172.46 with resistances at172.80 and 173.65.