14 Mar 2014
GBP/JPY consolidates with a light downside bias
FXStreet (Moscow) - GBP/JPY tried to return above the pivotal 169.00 level early in Asia and set the current intraday high at 169.34, but the upside was not sustained and the cross returned to the opening levels of 168.80.
It’s all about risks today
GBP/JPY was a big mover on Thursday, as the cross lost nearly 300 pips from the intraday high of 171.61 to the intraday low of 168.69. Several important support levels were wiped out and countless number of stops absorbed. JPY was very popular yesterday, and it is going to be no less popular today as the anti-risk rush is gaining speed. The UK publishes the visible trade balance later today, though markets are likely to ignore it as geopolitics and Crimea situation is what they are fixated on. NY session may bring another bout of volatility, because traders will start squaring positions ahead of the weekend. From the technical point of view the first support comes at 168.60 and followed by 168.20. The resistance is seen at 169.00.
What are today’s key GBP/JPY levels?
Today's central pivot point can be found at 169.89, with support below at 168.13, 166.95, and 165.20, with resistance above at 171.06, 172.82 and 173.99. Hourly Moving Averages are bearish, with the 200SMA at 171.13 and the daily 20EMA at 170.56. Hourly RSI is neutral at 31.
It’s all about risks today
GBP/JPY was a big mover on Thursday, as the cross lost nearly 300 pips from the intraday high of 171.61 to the intraday low of 168.69. Several important support levels were wiped out and countless number of stops absorbed. JPY was very popular yesterday, and it is going to be no less popular today as the anti-risk rush is gaining speed. The UK publishes the visible trade balance later today, though markets are likely to ignore it as geopolitics and Crimea situation is what they are fixated on. NY session may bring another bout of volatility, because traders will start squaring positions ahead of the weekend. From the technical point of view the first support comes at 168.60 and followed by 168.20. The resistance is seen at 169.00.
What are today’s key GBP/JPY levels?
Today's central pivot point can be found at 169.89, with support below at 168.13, 166.95, and 165.20, with resistance above at 171.06, 172.82 and 173.99. Hourly Moving Averages are bearish, with the 200SMA at 171.13 and the daily 20EMA at 170.56. Hourly RSI is neutral at 31.