8 Aug 2013
GBP/JPY resuming downside
FXstreet.com (Barcelona) - GBP/JPY rallied post Carney after a number of down days for the pair.
GBP/JPY initially dropped on the release of the report but quickly recovered and jumped to reach 150.74. However, the pair has resumed lower to print as low as 148.93. The BoJ kept rates on hold overnight by unanimous vote and as widely expected. It has pledged to increase monetary base at an annual pace of 60-70 trillion Yen. BoJ board member Kiuchi proposed making a 2% inflation target a medium to long term goal as inflation expectations appear to be rising on the whole. The Japanes Government changed their assessment to say the economy is gradually picking up.
GBP/JPY resuming downside
GBP/JPY dropped through 149.30 support but has since recovered to test this back to the topside in an overall bearish trend. The 20 dma is 151.10, while 50 dma comes 151.00 and the 200 dma is 144.80. RSI (9) reads 40.82. Supports are ascending from 147.15, 147.45, 147.65 and 148.80. Spot is edging higher currently from the lows and trades 149.35 while resistances are 150.00, 150.70, 151.55, 151.85 and 152.35
GBP/JPY initially dropped on the release of the report but quickly recovered and jumped to reach 150.74. However, the pair has resumed lower to print as low as 148.93. The BoJ kept rates on hold overnight by unanimous vote and as widely expected. It has pledged to increase monetary base at an annual pace of 60-70 trillion Yen. BoJ board member Kiuchi proposed making a 2% inflation target a medium to long term goal as inflation expectations appear to be rising on the whole. The Japanes Government changed their assessment to say the economy is gradually picking up.
GBP/JPY resuming downside
GBP/JPY dropped through 149.30 support but has since recovered to test this back to the topside in an overall bearish trend. The 20 dma is 151.10, while 50 dma comes 151.00 and the 200 dma is 144.80. RSI (9) reads 40.82. Supports are ascending from 147.15, 147.45, 147.65 and 148.80. Spot is edging higher currently from the lows and trades 149.35 while resistances are 150.00, 150.70, 151.55, 151.85 and 152.35