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2 Oct 2013
GBP/JPY in constructive bullish consolidation?
FXstreet.com (London) - GBP/JPY has continued to fall from a high of 158.85 and marked a low of 157.50 on the session so far but appears to be bid overall within a consolidation phase.
GBP/JPY, although, had managed to find a bounce back into the 158.00 handle where the pair fights to maintain. The pair currently oscillates in the 157.90’s. Overall, GBP/JPY has declined on pressures through USD/JPY dropping 0.5% as hopes of corporate tax cuts are fading. From the data and calendar today, in the UK, Construction PMI disappointed and slipped from 59.1 to 58.9, printing below consensus expectations for 59.5, and our forecast of 60. However, research teams at TD Securities said it remains very high and points to solid construction momentum going forward.
GBP/JPY Levels
The 20 DMA is 157.90, the 50 DMA is 154.25 and the 200 DMA is 149.35. RSI (14) reads 42.41. Supports are ascending from 157.00, 157.15, 157.40 and 157.65. Spot is currently 157.97 while resistances are 158.00, 159.45, 160.00, 160.40 and 161.40.
GBP/JPY, although, had managed to find a bounce back into the 158.00 handle where the pair fights to maintain. The pair currently oscillates in the 157.90’s. Overall, GBP/JPY has declined on pressures through USD/JPY dropping 0.5% as hopes of corporate tax cuts are fading. From the data and calendar today, in the UK, Construction PMI disappointed and slipped from 59.1 to 58.9, printing below consensus expectations for 59.5, and our forecast of 60. However, research teams at TD Securities said it remains very high and points to solid construction momentum going forward.
GBP/JPY Levels
The 20 DMA is 157.90, the 50 DMA is 154.25 and the 200 DMA is 149.35. RSI (14) reads 42.41. Supports are ascending from 157.00, 157.15, 157.40 and 157.65. Spot is currently 157.97 while resistances are 158.00, 159.45, 160.00, 160.40 and 161.40.