Back
1 Nov 2013
GBP/JPY is mixed towards the close
FXstreet.com (London) - GBP/JPY has made a high of 157.87 on the session for Friday and end of the week but the pair pulled back sharply albeit maintaining territory in the 157.00 handle.
Research teams at TD Securities noted the UK manufacturing PMI fell to 56.0 (56.4E). “However, the easing in the PMI wasn't quite as severe as it first appeared since the September number was revised down from 56.7 to 56.3. Details of the report were not too bad, with export orders at their highest since Feb 2011, as noted above, and total new orders still sitting at close to the 19y peak hit in Aug. It seems the improvement in export orders is reasonably broad-based, with Markit reporting higher orders from Asia, US, mainland Europe, Ireland, Middle East, and Russia. Employment is also still rising here for the 6th straight month. So despite the PMI pulling back a bit, it looks like there's still pretty decent momentum heading into the end of the year. It was also announced this morning that RBS would not be formally broken up but it’s non-core division and some other “risky” assets totalling £38bn are being transferred into an internal bad bank while the divestment of Citizens has been brought forward through an IPO due next year with the US arm completely spun off by the end of 2016”
GBP/JPY Levels
The 20 DMA is 157.30, the 50 DMA is 156.80 and the 200 DMA is 151.00. RSI (14) reads 48.49. Supports are ascending from 155.50, 155.85, 156.45, 156.75 and 157.00. Spot is currently 157.25 while resistances are 157.95, 158.30, 158.75 and 159.55.
Research teams at TD Securities noted the UK manufacturing PMI fell to 56.0 (56.4E). “However, the easing in the PMI wasn't quite as severe as it first appeared since the September number was revised down from 56.7 to 56.3. Details of the report were not too bad, with export orders at their highest since Feb 2011, as noted above, and total new orders still sitting at close to the 19y peak hit in Aug. It seems the improvement in export orders is reasonably broad-based, with Markit reporting higher orders from Asia, US, mainland Europe, Ireland, Middle East, and Russia. Employment is also still rising here for the 6th straight month. So despite the PMI pulling back a bit, it looks like there's still pretty decent momentum heading into the end of the year. It was also announced this morning that RBS would not be formally broken up but it’s non-core division and some other “risky” assets totalling £38bn are being transferred into an internal bad bank while the divestment of Citizens has been brought forward through an IPO due next year with the US arm completely spun off by the end of 2016”
GBP/JPY Levels
The 20 DMA is 157.30, the 50 DMA is 156.80 and the 200 DMA is 151.00. RSI (14) reads 48.49. Supports are ascending from 155.50, 155.85, 156.45, 156.75 and 157.00. Spot is currently 157.25 while resistances are 157.95, 158.30, 158.75 and 159.55.