29 Apr 2014
GBP/JPY is sidelined at 172.30
FXStreet (Moscow) - GBP/JPY is nearly unchanged on the day, moving within a narrow 20-pip range
UK data may be overshadowed by rusk sentiments
GBP/JPY climbed above 172.00 level on Monday on the back of general GBP positive sentiments. Lloyds business barometer showed a substantial improvement from 44 in March to 66 in April. This is a new multi-year high that proves that British economic conditions are improving. But this report was just a supportive factor, but not a key driver behind GBP/JPY rise. Improved risk sentiments ruled the day yesterday, as newUS sanctions against Russia were regarded as more bark than bite. Today don’t miss UK GBP numbers that are expected to come out at brisk 0.9% QoQ and 3.2% YoY and provide additional support for British currency. JBP may continue weakening on the back of geopolitical tensions de-escalation. The key levels to watch for the cross: 172.54 (Monday’s high) on the upside and 172.00 on the downside.
What price levels and patterns have to be considered?
Current price is 172.37, with resistance ahead at 172.42 (Daily High), 172.52 (Weekly Classic R1), 172.59 (Yesterday's High), 172.64 (Weekly High) and 172.73 (Monthly High).
Next support to the downside can be found at 172.27 (Daily Open), 172.23 (Daily Low), 172.21 (Hourly 20 EMA), 172.06 (Hourly 200 SMA) and 172.04 (Daily Classic PP).
UK data may be overshadowed by rusk sentiments
GBP/JPY climbed above 172.00 level on Monday on the back of general GBP positive sentiments. Lloyds business barometer showed a substantial improvement from 44 in March to 66 in April. This is a new multi-year high that proves that British economic conditions are improving. But this report was just a supportive factor, but not a key driver behind GBP/JPY rise. Improved risk sentiments ruled the day yesterday, as newUS sanctions against Russia were regarded as more bark than bite. Today don’t miss UK GBP numbers that are expected to come out at brisk 0.9% QoQ and 3.2% YoY and provide additional support for British currency. JBP may continue weakening on the back of geopolitical tensions de-escalation. The key levels to watch for the cross: 172.54 (Monday’s high) on the upside and 172.00 on the downside.
What price levels and patterns have to be considered?
Current price is 172.37, with resistance ahead at 172.42 (Daily High), 172.52 (Weekly Classic R1), 172.59 (Yesterday's High), 172.64 (Weekly High) and 172.73 (Monthly High).
Next support to the downside can be found at 172.27 (Daily Open), 172.23 (Daily Low), 172.21 (Hourly 20 EMA), 172.06 (Hourly 200 SMA) and 172.04 (Daily Classic PP).