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Yen Higher Against The Pound, Close To 2-Month High Against Dollar

ByMasterforex-V
Published 03/04/2014, 06:30 AM
Updated 07/09/2023, 06:31 AM

The Japanese Yen was higher against the Pound and close to a two-month high against the US Dollar as the currency remained supported from demand for safe haven assets.

Overnight Asian equities tumbled and concerns over a slowdown in the global economy bolstered demand for the safe haven Yen. Recent turmoil in emerging markets and the release of data out of both the USA and China which hinted at a slowing of the world’s top two economy’s has also seen investors seek safety.

The GBP/JPY is currently trading at an important support level of 168.70 where we can see a strong bulling movement for the GBP/JPY from this level with our stochastic indicators pointing at the 20 level gives us a confirmation that GBP/JPY is likely to move upwards to the next resistance zone of 171 level.

Very important zones to keep a close watch at. Major resistance levels for GBP/JPY is at 173.50 and major support zones at 164.50 levels.

<span class=GBP/JPY" title="GBP/JPY" align="bottom" border="0" height="242" width="474">

 

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