15 Jan 2014
GBP/JPY keeps up growing, 172.00 is in sight
FXstreet.com (Moscow) - GBP/JPY started the day at 171.24 and moved nearly 30 pips upwards after the Tokyo fix as Nikkei went green.
GBP/JPY is gaining support
GBP/JPY rushed back above the support of 171.00 and retraced all losses incurred at the start of the week. The yen is under pressure again as the Japan reported awful trade balance and current account data. It seems that the market came to terms with the US job numbers and switched back to the mood that was dominant before the report was published. There are no important reports that may affect the cross directly. The UK calendar is empty, and the markets will have time to ponder over the UK inflation data. This may lead to some positioning and profit taking. The fact that the cross managed to return above the key technical level of 171.00 speaks for itself: the sort-term sentiment remains bullish as long as we stay above this area. The longer-term picture is less optimistic, though we need to wait for the weekly close to say that for sure. The resistance area of 171.50 might stop the GBP/JPY for a while, once it is broken, the cross will accelerate to the stronger resistance at 172.00. The downside correction may be limited by 170.47.
What are today’s key GBP/JPY levels?
Today's central pivot point can be found at 170.47, with support below at 169.53, 167.68 and 166.74, with resistance above at 172.32, 173.25 and 175.11. Hourly Moving Averages are mostly bullish, with the 200SMA at 171.47 and the daily 20EMA at 170.94. Hourly RSI is neutral at 65.33
GBP/JPY is gaining support
GBP/JPY rushed back above the support of 171.00 and retraced all losses incurred at the start of the week. The yen is under pressure again as the Japan reported awful trade balance and current account data. It seems that the market came to terms with the US job numbers and switched back to the mood that was dominant before the report was published. There are no important reports that may affect the cross directly. The UK calendar is empty, and the markets will have time to ponder over the UK inflation data. This may lead to some positioning and profit taking. The fact that the cross managed to return above the key technical level of 171.00 speaks for itself: the sort-term sentiment remains bullish as long as we stay above this area. The longer-term picture is less optimistic, though we need to wait for the weekly close to say that for sure. The resistance area of 171.50 might stop the GBP/JPY for a while, once it is broken, the cross will accelerate to the stronger resistance at 172.00. The downside correction may be limited by 170.47.
What are today’s key GBP/JPY levels?
Today's central pivot point can be found at 170.47, with support below at 169.53, 167.68 and 166.74, with resistance above at 172.32, 173.25 and 175.11. Hourly Moving Averages are mostly bullish, with the 200SMA at 171.47 and the daily 20EMA at 170.94. Hourly RSI is neutral at 65.33