13 Feb 2014
GBP/JPY is under pressure below 170.00
FXStreet (Moscow) - GBP/JPY moved lower from its lofty height at 170.40 touched early in Asia, the bears seem to be determined to push the cross lower as it now trades at 169.70 and the selling interest is still strong.
GBP/JPY consolidates gains
GBP/JPY rushed higher and poked at 170.00 on the back of general GBP strength triggered by BOE inflation report and Mark Carney comments. Moreover the cross set the new high at 170.22 and finished the day just on 170.00. The short term GBP/JPY bias is positive but the downside correction to 169.00 is not completely ruled out. UK calendar is empty today, so the traders will have time to mull things over and decide what to do next. The cross is likely to be bought on dips to the said support level, and the intraday trend is consolidative as long as we stay above. The upside is likely to be limited by 170.00, but if it is firmly broken the cross will accelerate to 170.50.
What are today’s key GBP/JPY levels?
Today's central pivot point can be found at 169.54, with support below at 168.85, 167.63, and 166.93, with resistance above at 170.76, 171.46 and 172.68. Hourly Moving Averages are bullish, with the 200SMA at 167.00 and the daily 20EMA at 168.80. Hourly RSI is neutral at 60.
GBP/JPY consolidates gains
GBP/JPY rushed higher and poked at 170.00 on the back of general GBP strength triggered by BOE inflation report and Mark Carney comments. Moreover the cross set the new high at 170.22 and finished the day just on 170.00. The short term GBP/JPY bias is positive but the downside correction to 169.00 is not completely ruled out. UK calendar is empty today, so the traders will have time to mull things over and decide what to do next. The cross is likely to be bought on dips to the said support level, and the intraday trend is consolidative as long as we stay above. The upside is likely to be limited by 170.00, but if it is firmly broken the cross will accelerate to 170.50.
What are today’s key GBP/JPY levels?
Today's central pivot point can be found at 169.54, with support below at 168.85, 167.63, and 166.93, with resistance above at 170.76, 171.46 and 172.68. Hourly Moving Averages are bullish, with the 200SMA at 167.00 and the daily 20EMA at 168.80. Hourly RSI is neutral at 60.