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26 Feb 2014
GBP/JPY bulls stopped at the resistance of 170.70
FXStreet (Moscow) - GBP/JPY started the session at 170.36 and moved to the current intraday high at 170.72 on the back of general JPY weakening, though it seems that the positive dynamic has run out of steam for now.
GBP/JPY doesn’t want to leave the range
GBP/JPY has been sleeping in a range for a couple of weeks now. The cross pokes both sides of the range now and then, but invariably closes somewhere in mid-170th. Japanese currency is under pressure today despite negative Nikkei close. We attribute this sentiments to Chinese Yuan upside correction and, consequently, lower safe-heaven demand. During European hours the cross may be influenced by 4Q second estimate GDP from UK. The numbers are expected to come out at 0.7% q/q, 2.7% y/y, unchanged from the first estimate, but the deviations from the forecast may trigger the volatility in GBP crosses. From the technical point of view, keep an eye at the resistance level at 170.70. Once broken, the cross will accelerate to 171.00. The closest support comes at 170.56 and followed by 170.20.
What are today’s key GBP/JPY levels?
Today's central pivot point can be found at 170.48, with support below at 169.85, 169.44, and 168.81, with resistance above at 170.90, 171.53 and 172.94. Hourly Moving Averages are bullish, with the 200SMA at 170.50 and the daily 20EMA at 169.79. Hourly RSI is neutral at 52.
GBP/JPY doesn’t want to leave the range
GBP/JPY has been sleeping in a range for a couple of weeks now. The cross pokes both sides of the range now and then, but invariably closes somewhere in mid-170th. Japanese currency is under pressure today despite negative Nikkei close. We attribute this sentiments to Chinese Yuan upside correction and, consequently, lower safe-heaven demand. During European hours the cross may be influenced by 4Q second estimate GDP from UK. The numbers are expected to come out at 0.7% q/q, 2.7% y/y, unchanged from the first estimate, but the deviations from the forecast may trigger the volatility in GBP crosses. From the technical point of view, keep an eye at the resistance level at 170.70. Once broken, the cross will accelerate to 171.00. The closest support comes at 170.56 and followed by 170.20.
What are today’s key GBP/JPY levels?
Today's central pivot point can be found at 170.48, with support below at 169.85, 169.44, and 168.81, with resistance above at 170.90, 171.53 and 172.94. Hourly Moving Averages are bullish, with the 200SMA at 170.50 and the daily 20EMA at 169.79. Hourly RSI is neutral at 52.