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1 Apr 2014
GBP/JPY printing fresh highs
FXStreet (Guatemala) - GBP/JPY is posting fresh highs, albeit currently trading at 172.29, up 0.18% on the day, having posted a daily high at 172.42 and low at 171.74.
Japans data disconcerting
Jane Foley, Senior Currency Strategist at Rabobank noted that Japan’s 3% consumption tax hike was finally implemented today admit a slew of disconcerting economic data. “Yesterday, the release of February factory orders data at -2.3% m/m recorded the fastest fall in 8 mths. This morning the BoJ’s Tankan surveys recorded upbeat results for current conditions but a worrying drop in confidence for the future. Both large manufacturers and non manufactures expect conditions to deteriorate in the coming 3 mths suggesting that sales are projected to slump on the back of the tax hike”.
GBP/JPY Levels
Current price is 172.30, with resistance ahead at 172.42 (Daily High), 172.43 (Daily Classic R1), 172.78 (Monthly High), 172.87 (Daily Classic R2) and 173.39 (Weekly Classic R2). Next support to the downside can be found at 172.25 (Weekly Classic R1), 172.15 (Yesterday's High), 172.04 (Hourly 20 EMA), 171.99 (Weekly High) and 171.99 (Daily Open).
Japans data disconcerting
Jane Foley, Senior Currency Strategist at Rabobank noted that Japan’s 3% consumption tax hike was finally implemented today admit a slew of disconcerting economic data. “Yesterday, the release of February factory orders data at -2.3% m/m recorded the fastest fall in 8 mths. This morning the BoJ’s Tankan surveys recorded upbeat results for current conditions but a worrying drop in confidence for the future. Both large manufacturers and non manufactures expect conditions to deteriorate in the coming 3 mths suggesting that sales are projected to slump on the back of the tax hike”.
GBP/JPY Levels
Current price is 172.30, with resistance ahead at 172.42 (Daily High), 172.43 (Daily Classic R1), 172.78 (Monthly High), 172.87 (Daily Classic R2) and 173.39 (Weekly Classic R2). Next support to the downside can be found at 172.25 (Weekly Classic R1), 172.15 (Yesterday's High), 172.04 (Hourly 20 EMA), 171.99 (Weekly High) and 171.99 (Daily Open).