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11 Feb 2014
GBP/JPY upside efforts are too feeble to push the cross higher in Asia
FXStreet (Moscow) - GBP/JPY is trying to develop upside dynamic in Asia, but rather thin liquidity and subdued market activity keep the cross in the tight range limited by 167.80 on the upside and 167.50 on the downside.
GBP/JPY is in wait and see mode
GBP/JPY started the week on the softer note as the cross moved below the support level of 168.00 and touched the intraday minimum at 167.17 yesterday. The downside was stopped by 1h 50 EMA that now comes at 167.28 and provides the cross with sound sort-term support. Once it is broken the technical factors will carry the cross lower to 167.00. UK published BRC retail sales monitor that came out much better than expected (+3.9% y/y against forecasted +0.8%) but this positive fact did not attract much attention. Later BOE Deputy Governor Andrew Baily may say something interesting ahead of Carny’s testimony on Wednesday. This event may spur some short-term volatility, by it is unlikely to become a trigger of massive GBP movements.
What are today’s key GBP/JPY levels?
Today's central pivot point can be found at 167.77, with support below at 167.08, 166.51, and 165.82, with resistance above at 168.35, 169.03 and 169.61. Hourly Moving Averages are bullish, with the 200SMA at 167.05 and the daily 20EMA at 168.65. Hourly RSI is neutral at 55.
GBP/JPY is in wait and see mode
GBP/JPY started the week on the softer note as the cross moved below the support level of 168.00 and touched the intraday minimum at 167.17 yesterday. The downside was stopped by 1h 50 EMA that now comes at 167.28 and provides the cross with sound sort-term support. Once it is broken the technical factors will carry the cross lower to 167.00. UK published BRC retail sales monitor that came out much better than expected (+3.9% y/y against forecasted +0.8%) but this positive fact did not attract much attention. Later BOE Deputy Governor Andrew Baily may say something interesting ahead of Carny’s testimony on Wednesday. This event may spur some short-term volatility, by it is unlikely to become a trigger of massive GBP movements.
What are today’s key GBP/JPY levels?
Today's central pivot point can be found at 167.77, with support below at 167.08, 166.51, and 165.82, with resistance above at 168.35, 169.03 and 169.61. Hourly Moving Averages are bullish, with the 200SMA at 167.05 and the daily 20EMA at 168.65. Hourly RSI is neutral at 55.