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12 Jun 2014
GBP/JPY dragged lower by USD/JPY
FXStreet (Guatemala) - GBP/JPY is trading at 171.17, down -0.11% on the day, having posted a daily high at 171.93 and low at 171.10.
GBP/JPY is losing the battle again with the yen pressing to fresh lows through 102 and ending the bullish run. Meanwhile, we are awaiting the Bank of England Governor Carney who speaks later at the Mansion House dinner. RBS analysts explained, by giving the Bank more formal ability to restrict mortgage lending should they need it, Governor Carney likely has additional confidence that the MPC can keep a dovish monetary policy outlook and address financial stability concerns with macroprudential measures if needed. “On monetary policy, for some MPC members the decision on the bank rate is becoming more balanced. Governor Carney is almost certainly not one of them, and tonight's comments should retain a fairly dovish message. Carney will likely point to weakness in wage growth as a sign that labour force slack remains substantial”.
GBP/JPY Levels
With spot trading at 171.18, we can see next resistance ahead at 171.37 (Daily Open), 171.37 (Weekly Low), 171.38 (Daily Classic PP), 171.46 (Hourly 20 EMA) and 171.54 (Daily 20 SMA). Support below can be found at 171.10 (Daily Low), 170.95 (Yesterday's Low), 170.94 (Daily Classic S1), 170.91 (Weekly Classic S1) and 170.67 (Daily 100 SMA).
GBP/JPY is losing the battle again with the yen pressing to fresh lows through 102 and ending the bullish run. Meanwhile, we are awaiting the Bank of England Governor Carney who speaks later at the Mansion House dinner. RBS analysts explained, by giving the Bank more formal ability to restrict mortgage lending should they need it, Governor Carney likely has additional confidence that the MPC can keep a dovish monetary policy outlook and address financial stability concerns with macroprudential measures if needed. “On monetary policy, for some MPC members the decision on the bank rate is becoming more balanced. Governor Carney is almost certainly not one of them, and tonight's comments should retain a fairly dovish message. Carney will likely point to weakness in wage growth as a sign that labour force slack remains substantial”.
GBP/JPY Levels
With spot trading at 171.18, we can see next resistance ahead at 171.37 (Daily Open), 171.37 (Weekly Low), 171.38 (Daily Classic PP), 171.46 (Hourly 20 EMA) and 171.54 (Daily 20 SMA). Support below can be found at 171.10 (Daily Low), 170.95 (Yesterday's Low), 170.94 (Daily Classic S1), 170.91 (Weekly Classic S1) and 170.67 (Daily 100 SMA).