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27 Feb 2014
GBP/JPY sets the Asian high at 170.75
FXStreet (Moscow) - GBP/JPY dropped briefly below the interim support of 170.60 only to return to intraday highs at 170.75.
GBP/JPY is as dull as ditch water
GBP/JPY is still moving within a depressingly narrow range and even UK GDP numbers that came out slightly lower than expected failed to wake up sleepy GBP traders. Nikkei is slightly lower today, but it has not affected JPY crosses yet. It seems that the correlation between the stock market and the Japanese currency is not that strong any more. From the fundamental point of view there is nothing interesting in the calendar that may serve as a trigger for GBP/JPY. UK calendar is empty, while US risk events might have only knock on effect on the cross. From the technical perspective, the bears need a decisive break below 170.00 to get the situation under control. While bulls need to drive GBP/JPY well above 170.70.
What are today’s key GBP/JPY levels?
Today's central pivot point can be found at 170.52, with support below at 170.07, 169.49, and 169.04, with resistance above at 171.10, 171.55 and 172.13. Hourly Moving Averages are bullish, with the 200SMA at 170.58 and the daily 20EMA at 169.87. Hourly RSI is neutral at 55.
GBP/JPY is as dull as ditch water
GBP/JPY is still moving within a depressingly narrow range and even UK GDP numbers that came out slightly lower than expected failed to wake up sleepy GBP traders. Nikkei is slightly lower today, but it has not affected JPY crosses yet. It seems that the correlation between the stock market and the Japanese currency is not that strong any more. From the fundamental point of view there is nothing interesting in the calendar that may serve as a trigger for GBP/JPY. UK calendar is empty, while US risk events might have only knock on effect on the cross. From the technical perspective, the bears need a decisive break below 170.00 to get the situation under control. While bulls need to drive GBP/JPY well above 170.70.
What are today’s key GBP/JPY levels?
Today's central pivot point can be found at 170.52, with support below at 170.07, 169.49, and 169.04, with resistance above at 171.10, 171.55 and 172.13. Hourly Moving Averages are bullish, with the 200SMA at 170.58 and the daily 20EMA at 169.87. Hourly RSI is neutral at 55.