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12 Mar 2014
GBP/JPY held up as RSI nears oversold territory
FXStreet (Guatemala) - GBP/JPY is heading into oversold territory on RSI (14) readings while the pair attempts to extend the downside through 171.00.
The BoJ maintained unchanged monetary policy while some economists are forecasting downside risks to growth and inflation in 2014. Lee Hardman at the Bank of Tokyo-Mitsubishi UFJ, Ltd said, of which if they materialise they may prompt additional BoJ easing later this year which could provide prove a fresh catalyst to trigger further yen weakness. Today we heard from the BoE in the Inflation Report Hearing which had markets re pricing the yield curve for the pound as Carney played down inflationary risks.
GBP/JPY Levels
The 20 DMA is 170.60, the 50 DMA is 170.40 and the 200 DMA is 160.35. RSI (14) reads 32.88. Supports are ascending from 169.65, 170.15, 170.70. Spot is 170.95 while resistances are 171.00, 171.20, 171.55 172.85, 173.65, 174.85 and 175.60.
The BoJ maintained unchanged monetary policy while some economists are forecasting downside risks to growth and inflation in 2014. Lee Hardman at the Bank of Tokyo-Mitsubishi UFJ, Ltd said, of which if they materialise they may prompt additional BoJ easing later this year which could provide prove a fresh catalyst to trigger further yen weakness. Today we heard from the BoE in the Inflation Report Hearing which had markets re pricing the yield curve for the pound as Carney played down inflationary risks.
GBP/JPY Levels
The 20 DMA is 170.60, the 50 DMA is 170.40 and the 200 DMA is 160.35. RSI (14) reads 32.88. Supports are ascending from 169.65, 170.15, 170.70. Spot is 170.95 while resistances are 171.00, 171.20, 171.55 172.85, 173.65, 174.85 and 175.60.