24 Apr 2014
GBP/JPY stays close to Asian lows of 171.64
FXStreet (Moscow) - GBP/JPY is off the intraday lows of 171.64, trading at 171.72, bearish bias is still strong
Down together with other JPY crosses
It seems that the markets expected too much from the MPC minutes, that’s why they were deeply disappointed with the lack of evidence that the MPC members are getting more hawkish. As it was expected negative reaction war rather strong and GBP/JPY finished the day below the pivotal 172.00 level after touching the intraday low at 171.35. GBP/JPY bulls might have difficult time trying to regain ground, considering rather light UK calendar and JPY strength across the board on the back of Nikkei weakening and strong anti-risk sentiments. The key levels to watch for today: 171.35 n the downside and 172.00 on the upside
What price levels and patterns have to be considered?
Current price is 171.73, with resistance ahead at 171.96 (Weekly Low), 171.98 (Hourly 20 EMA), 172.08 (Daily Open), 172.09 (Daily Classic PP) and 172.15 (Daily High).
Next support to the downside can be found at 171.64 (Daily Low), 171.53 (Hourly 200 SMA), 171.37 (Daily Classic S1), 171.36 (Yesterday's Low) and 171.31 (Daily 20 SMA).
Down together with other JPY crosses
It seems that the markets expected too much from the MPC minutes, that’s why they were deeply disappointed with the lack of evidence that the MPC members are getting more hawkish. As it was expected negative reaction war rather strong and GBP/JPY finished the day below the pivotal 172.00 level after touching the intraday low at 171.35. GBP/JPY bulls might have difficult time trying to regain ground, considering rather light UK calendar and JPY strength across the board on the back of Nikkei weakening and strong anti-risk sentiments. The key levels to watch for today: 171.35 n the downside and 172.00 on the upside
What price levels and patterns have to be considered?
Current price is 171.73, with resistance ahead at 171.96 (Weekly Low), 171.98 (Hourly 20 EMA), 172.08 (Daily Open), 172.09 (Daily Classic PP) and 172.15 (Daily High).
Next support to the downside can be found at 171.64 (Daily Low), 171.53 (Hourly 200 SMA), 171.37 (Daily Classic S1), 171.36 (Yesterday's Low) and 171.31 (Daily 20 SMA).