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31 Mar 2014
GBP/JPY has stuck at 171.00 pivotal level
FXStreet (Moscow) - GBP/JPY is moving in a tight range with subtle bearish bias as the cross has moved from the intraday high at 171.25 and now trying to break below 171.00.
Waiting for UK data
GBP/JPY was a strong performer last week. The cross managed to gain about 250 pips and close right a the pivotal level of 171.00. Despite a bunch of macroeconomic reports published by Japan earlier on Monday, GBP/JPY is in no hurry, sitting quietly in a range close to the opening level. A subtle bearish sentiment is in the air due GBP selling against US dollar. Later during the day we may see more GBP induced movements as there are some important data coming out in UK, namely, money supply and consumer credit reports will be in focus. More jawboning from Russia and USA is another potential source of volatility, should they say something new. From the technical perspective, a strong support comes at 170.24. This level is likely to cap the intraday downside correction. On the upside the first resistance comes at 171.30 and followed by 171.50.
What are today’s key GBP/JPY levels?
Today's central pivot point can be found at 170.67, with support below at 169.99, 168.88, and 168.20, with resistance above at 171.78, 172.46 and 173.57. Hourly Moving Averages are bullish, with the 200SMA at 169.16 and the daily 20EMA at 169.74. Hourly RSI is neutral at 68.
Waiting for UK data
GBP/JPY was a strong performer last week. The cross managed to gain about 250 pips and close right a the pivotal level of 171.00. Despite a bunch of macroeconomic reports published by Japan earlier on Monday, GBP/JPY is in no hurry, sitting quietly in a range close to the opening level. A subtle bearish sentiment is in the air due GBP selling against US dollar. Later during the day we may see more GBP induced movements as there are some important data coming out in UK, namely, money supply and consumer credit reports will be in focus. More jawboning from Russia and USA is another potential source of volatility, should they say something new. From the technical perspective, a strong support comes at 170.24. This level is likely to cap the intraday downside correction. On the upside the first resistance comes at 171.30 and followed by 171.50.
What are today’s key GBP/JPY levels?
Today's central pivot point can be found at 170.67, with support below at 169.99, 168.88, and 168.20, with resistance above at 171.78, 172.46 and 173.57. Hourly Moving Averages are bullish, with the 200SMA at 169.16 and the daily 20EMA at 169.74. Hourly RSI is neutral at 68.