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24 Feb 2014
GBP/JPY is dangerously close to the support of 170.00
FXStreet (Moscow) - GBP/JPY has dropped below the support level of 170.20 after moving to the intraday high at 170.70; the selling pressure is still strong as the cross moves close to 170.00.
GBP/JPY wants to know what the JPY traders are up to
GBP dropped against most currencies right after the London close on Friday. On the surface there was hardly anything to justify the failure form the fundamental point of view, so we are inclined to blame the combination of profit taking into the end of the week after dismal retail sales data and technical factors. Anyway form the longer term perspective GBP/JPY is still in the consolidation mode as long as it stays above 170.00. There is nothing interesting in the UK macro calendar today, so the cross movements will be influenced by JPY dynamics and as a new splash of anti-risk sentiments on the back of political turmoil on the emerging markets might drive JPY higher across the board, and thus push GBP/JPY lower. On the downside the key support level comes at 170.00 while the upside is likely to be limited by 170.80.
What are today’s key GBP/JPY levels?
Today's central pivot point can be found at 170.84, with support below at 169.91, 169.19, and 168.27, with resistance above at 171.56, 172.48 and 173.20. Hourly Moving Averages are mixed, with the 200SMA at 170.19 and the daily 20EMA at 169.65. Hourly RSI is neutral at 48.
GBP/JPY wants to know what the JPY traders are up to
GBP dropped against most currencies right after the London close on Friday. On the surface there was hardly anything to justify the failure form the fundamental point of view, so we are inclined to blame the combination of profit taking into the end of the week after dismal retail sales data and technical factors. Anyway form the longer term perspective GBP/JPY is still in the consolidation mode as long as it stays above 170.00. There is nothing interesting in the UK macro calendar today, so the cross movements will be influenced by JPY dynamics and as a new splash of anti-risk sentiments on the back of political turmoil on the emerging markets might drive JPY higher across the board, and thus push GBP/JPY lower. On the downside the key support level comes at 170.00 while the upside is likely to be limited by 170.80.
What are today’s key GBP/JPY levels?
Today's central pivot point can be found at 170.84, with support below at 169.91, 169.19, and 168.27, with resistance above at 171.56, 172.48 and 173.20. Hourly Moving Averages are mixed, with the 200SMA at 170.19 and the daily 20EMA at 169.65. Hourly RSI is neutral at 48.