14 Jan 2014
GBP/JPY claws back lost ground
FXstreet.com (Moscow) - GBP/JPY recovered some losses from yesterday wild downside move, the cross is currently trading at 169.59, up from the opening level of 169.00.
GBP/JPY is trying to gain ground
GBP/JPY whirled in a wild technically induced bearish dance. The cross smashed the support of 170.00 and fell to 169.00 (yesterday’s low is 168.35). No need to say that lots of stops were triggered, which accelerated to downside. The Asian session started with a correction induced by worse than expected Japanese current account data. In November the deficit grew to 592.8b. yen, this is the largest monthly shortfall in more than 25 years. Apart from fundamental factors, currently, there are several technical forces. The GBP/JPY bears were stopped by daily 50EMA at 168.30. The cross closed the day above the the level of 169.00, which means that the sellers are hesitant at this point. During European hours watch out for the UK inflation data Lower than expected core CPI (consensus is 2.1% y/y) will add to the GBP woes and the cross will be under selling pressure once again.
What are today’s key GBP/JPY levels?
Today's central pivot point can be found at 169.61, with support below at 167.52, 166.58 and 164.51, with resistance above at 170.86, 172.93 and 174.19. Hourly Moving Averages are mixed, with the 200SMA at 171.95 and the daily 20EMA at 170.89. Hourly RSI is neutral at 46.11
GBP/JPY is trying to gain ground
GBP/JPY whirled in a wild technically induced bearish dance. The cross smashed the support of 170.00 and fell to 169.00 (yesterday’s low is 168.35). No need to say that lots of stops were triggered, which accelerated to downside. The Asian session started with a correction induced by worse than expected Japanese current account data. In November the deficit grew to 592.8b. yen, this is the largest monthly shortfall in more than 25 years. Apart from fundamental factors, currently, there are several technical forces. The GBP/JPY bears were stopped by daily 50EMA at 168.30. The cross closed the day above the the level of 169.00, which means that the sellers are hesitant at this point. During European hours watch out for the UK inflation data Lower than expected core CPI (consensus is 2.1% y/y) will add to the GBP woes and the cross will be under selling pressure once again.
What are today’s key GBP/JPY levels?
Today's central pivot point can be found at 169.61, with support below at 167.52, 166.58 and 164.51, with resistance above at 170.86, 172.93 and 174.19. Hourly Moving Averages are mixed, with the 200SMA at 171.95 and the daily 20EMA at 170.89. Hourly RSI is neutral at 46.11