28 Apr 2014
GBP/JPY retraced losses but bears are still strong
FXStreet (Moscow) - GBP/JPY rushed down to current Asian lows of 171.22 on the back of anti-risk sentiments, but managed to revert some losses as the cross is now trading at 171.45.
Geopolitics will rule the day
GBP/JPY lost about 40 pips on weekly basis as strong anti-risk sentiments pushed JPY higher across the board. From the technical point of view as the triple top is taking shape on daily charts, the cross might extend the downside on weeks ahead. The first bearish target is 170.00, once it is broken, 168.00 area will come into play. On the intraday basis the cross is sensitive to risk sentiments that are likely to push it lower due to highly explosive situation in Ukraine. Now that the Japanese data is out of the way, the calendar is nearly empty with Lloyds business barometer being the only GBP related report today. Investors are rarely impressed by these numbers though. The intraday low of 171.22 is the firs line of support for the cross, while the resistance comes at 171.70.
What are today’s key GBP/JPY levels?
Today's central pivot point can be found at 171.79, with support below at 171.25, 170.85, and 170.31, with resistance above at 172.19, 172.75 and 173.13. Hourly Moving Averages are bearish, with the 200SMA at 171.89 and the daily 20EMA at 171.39. Hourly RSI is bearish at 40.
Geopolitics will rule the day
GBP/JPY lost about 40 pips on weekly basis as strong anti-risk sentiments pushed JPY higher across the board. From the technical point of view as the triple top is taking shape on daily charts, the cross might extend the downside on weeks ahead. The first bearish target is 170.00, once it is broken, 168.00 area will come into play. On the intraday basis the cross is sensitive to risk sentiments that are likely to push it lower due to highly explosive situation in Ukraine. Now that the Japanese data is out of the way, the calendar is nearly empty with Lloyds business barometer being the only GBP related report today. Investors are rarely impressed by these numbers though. The intraday low of 171.22 is the firs line of support for the cross, while the resistance comes at 171.70.
What are today’s key GBP/JPY levels?
Today's central pivot point can be found at 171.79, with support below at 171.25, 170.85, and 170.31, with resistance above at 172.19, 172.75 and 173.13. Hourly Moving Averages are bearish, with the 200SMA at 171.89 and the daily 20EMA at 171.39. Hourly RSI is bearish at 40.