5 Feb 2014
GBP/JPY needs new triggers to leave the range
FXStreet (Moscow) - GBP/JPY lost some ground during Asian hours in unison with other JPY crosses; it started the day at 165.88 and reached the intraday lows at 165.30 where the downside momentum faded.
GBP/JPY may rebound on good UK macro data
GBP/JPY retraced some losses yesterday as the general JPY weakening was coupled with much better than expected UK PMI construction data. The cross came close to the resistance of 166.00 but didn’t dare to touch it. Asian hours reversed the GBP/JPY fortunes as the cross is under selling pressure again even though the GBP/USD is sitting in a very narrow range. Today we are waiting for UK Service sector PMI numbers. They are are expected to show that the biggest sector of the UK economy is expanding. Good news may trigger positive reaction among GBP traders and push the cross back to the resistance of 166.00. This level is pretty strong, so the bullish momentum may stall there. Once it is broken, the cross will rush to Monday’s opening level of 167.47. To the downside keep an eye at 165.15-20 zone followed by tong support of 165.00.
What are today’s key GBP/JPY levels?
Today's central pivot point can be found at 165.30, with support below at 164.56, 163.14 and 162.40, with resistance above at 166.72, 167.46 and 168.88. Hourly Moving Averages are mixed, with the 200SMA at 168.92 and the daily 20EMA at 169.46. Hourly RSI is neutral at 50.
GBP/JPY may rebound on good UK macro data
GBP/JPY retraced some losses yesterday as the general JPY weakening was coupled with much better than expected UK PMI construction data. The cross came close to the resistance of 166.00 but didn’t dare to touch it. Asian hours reversed the GBP/JPY fortunes as the cross is under selling pressure again even though the GBP/USD is sitting in a very narrow range. Today we are waiting for UK Service sector PMI numbers. They are are expected to show that the biggest sector of the UK economy is expanding. Good news may trigger positive reaction among GBP traders and push the cross back to the resistance of 166.00. This level is pretty strong, so the bullish momentum may stall there. Once it is broken, the cross will rush to Monday’s opening level of 167.47. To the downside keep an eye at 165.15-20 zone followed by tong support of 165.00.
What are today’s key GBP/JPY levels?
Today's central pivot point can be found at 165.30, with support below at 164.56, 163.14 and 162.40, with resistance above at 166.72, 167.46 and 168.88. Hourly Moving Averages are mixed, with the 200SMA at 168.92 and the daily 20EMA at 169.46. Hourly RSI is neutral at 50.