GBP/JPY is continuing on the bid, recovering its losses and back onto the 170.00 handle approaching 171.00.
GBP/JPY is benefitting from both Sterling on the bid as well as poor data from Tokyo overnight. Strategists at Brown Brothers Harriman explained that Japan reported a simply horrible current account figure. “On an unadjusted basis, the deficit of JPY592.8 bln is the largest on record and is about 2/3 larger than the Bloomberg consensus”.
GBP/JPY Levels
The 20 DMA is 171.50, the 50 DMA is 167.10 and the 200 DMA is 157.00. RSI (14) reads 68.22. Supports are ascending from 165.90, 166.60, 167.55, 168.35, 169.80, 170.45. Spot is 170.82 while resistances are 171.25 and 171.70.