9 Apr 2014
GBP/JPY bulls take a revenge; 171.00 pivot is there aim
FXStreet (Moscow) - GBP/JPY staged a good rebound from the intraday lows of 170.29; 171.00 pivotal level is in sight
Will UK data change anything?
GBP/JPY fell down on Tuesday just as all other JPY crosses, though this gained some support from positive GBP dynamics caused by good industrial production numbers. The cross stopped at 170.00 support and started the upside correction. Asian session has brought some relief to GBP/JPY as the Japanese currency weakened across the board. There is another batch of important macroeconomic data from UK that may trigger GBP movements. We are waiting for the trade balance figures that are expected to show that the deficit narrowed in February. Positive data will increase the buying pressure on the UK currency and thus will support GBP/JPY upside correction. The initial resistance is seen at 170.90, while the support comes at 170.60.
What are today’s key GBP/JPY levels?
Today's central pivot point can be found at 170.68, with support below at 169.80, 169.08, and 168.20, with resistance above at 171.40, 172.28 and 173.00. Hourly Moving Averages are bearish, with the 200SMA at 171.58 and the daily 20EMA at 170.70. Hourly RSI is bearish at 44.
Will UK data change anything?
GBP/JPY fell down on Tuesday just as all other JPY crosses, though this gained some support from positive GBP dynamics caused by good industrial production numbers. The cross stopped at 170.00 support and started the upside correction. Asian session has brought some relief to GBP/JPY as the Japanese currency weakened across the board. There is another batch of important macroeconomic data from UK that may trigger GBP movements. We are waiting for the trade balance figures that are expected to show that the deficit narrowed in February. Positive data will increase the buying pressure on the UK currency and thus will support GBP/JPY upside correction. The initial resistance is seen at 170.90, while the support comes at 170.60.
What are today’s key GBP/JPY levels?
Today's central pivot point can be found at 170.68, with support below at 169.80, 169.08, and 168.20, with resistance above at 171.40, 172.28 and 173.00. Hourly Moving Averages are bearish, with the 200SMA at 171.58 and the daily 20EMA at 170.70. Hourly RSI is bearish at 44.