23 Jan 2014
GBP/JPY is back below 173.00 as JPY is growing across the board
Positive Nikkei opening weakened the JPY across the board and helped GBP/JPY to test new highs at 173.63, but the gains were not sustained and the cross retraced below the support of 173.00-172.90 to current lows at 172.67
GBP/JPY is going wild
Thanks to better than expected UK labour market data GBP/JPY was one of those rare JPY crosses that didn’t went into the hibernation mode. The cross managed to finish the day above the important level of 173.00. Thursday morning the cross attempted to move above the resistance zone of 173.60, but failed. The correction that followed returned the GBP/JPY below 173.00. The JPY is growing across the board as the traders react to IMF Deputy MD Shinohara comments: he believes that Japan should start planning its exit strategies. The closest support lies at 172.40 (1h 50EMA), if it is broken the downside will accelerate to 172.00. The GBP/JPY needs to return above 173.00 to let the bulls gain the control over situation again.
What are today’s key GBP/JPY levels?
Today's central pivot point can be found at 172.60, with support below at 171.94, 170.65 and 169.99, with resistance above at 173.89, 174.54 and 175.84. Hourly Moving Averages are mixed, with the 200SMA at 171.13 and the daily 20EMA at 171.28. Hourly RSI is neutral at 54.
GBP/JPY is going wild
Thanks to better than expected UK labour market data GBP/JPY was one of those rare JPY crosses that didn’t went into the hibernation mode. The cross managed to finish the day above the important level of 173.00. Thursday morning the cross attempted to move above the resistance zone of 173.60, but failed. The correction that followed returned the GBP/JPY below 173.00. The JPY is growing across the board as the traders react to IMF Deputy MD Shinohara comments: he believes that Japan should start planning its exit strategies. The closest support lies at 172.40 (1h 50EMA), if it is broken the downside will accelerate to 172.00. The GBP/JPY needs to return above 173.00 to let the bulls gain the control over situation again.
What are today’s key GBP/JPY levels?
Today's central pivot point can be found at 172.60, with support below at 171.94, 170.65 and 169.99, with resistance above at 173.89, 174.54 and 175.84. Hourly Moving Averages are mixed, with the 200SMA at 171.13 and the daily 20EMA at 171.28. Hourly RSI is neutral at 54.