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4 Mar 2014
GBP/JPY trading heavily, cutting key support
FXStreet (Guatemala) - GBP/JPY is deeply entrenched sub 170.00 as an extension of the move from 171.20 ending last weeks session.
The Yen has been played out as a safe haven in the risk off environment which the comes as a result of recent developments of tensions over the Ukrainian situation. “ Investors are shunning risk and moving back to safe havens as Russia/Ukraine tensions escalate”, explained strategists at TD Securities. Technically, the cross remains within Mays 2012 ascending channel but has dropped through 169.10/20 medium term support. Daily and weekly EMA’s are coming with a bullish bias while RSI (14) lends the possibility that the pair is starting to look oversold and gives support for a bullish set up.
GBP/JPY Levels
The 20 DMA is 169.15, the 50 DMA is 170.45 and the 200 DMA is 159.80. RSI (14) reads 35.93. Supports are ascending from 168.30, 168.70. Spot is 168.98. Resistances are 169.20, 169.40 and 169.80.
The Yen has been played out as a safe haven in the risk off environment which the comes as a result of recent developments of tensions over the Ukrainian situation. “ Investors are shunning risk and moving back to safe havens as Russia/Ukraine tensions escalate”, explained strategists at TD Securities. Technically, the cross remains within Mays 2012 ascending channel but has dropped through 169.10/20 medium term support. Daily and weekly EMA’s are coming with a bullish bias while RSI (14) lends the possibility that the pair is starting to look oversold and gives support for a bullish set up.
GBP/JPY Levels
The 20 DMA is 169.15, the 50 DMA is 170.45 and the 200 DMA is 159.80. RSI (14) reads 35.93. Supports are ascending from 168.30, 168.70. Spot is 168.98. Resistances are 169.20, 169.40 and 169.80.