Back
25 Feb 2014
GBP/JPY is snoozing in the tight range
FXStreet (Moscow) - GBP/JPY has stuck close to the opening level of 170.80 after failed bearish attempt at the support zone of 170.60/50.
Will the UK data manage to wake GBP/JPY up?
GBP/JPY finished Monday in the green zone, though the gains were tiny as empty economic calendar and important macro data reports due later this week kept the traders on the sidelines. Today the situation won’t be much different. Japan has already published its Corporate price index, which failed to inspire the markets, while UK is going to treat us only with the second tire mortgage approvals and Nationwide house price index reports. These figures might trigger the market movements only if they come out shockingly different from the expectations which is not our base case scenario. Technically, the closes support in the cross comes at 170.60/50, once broken, 170.20 will come in sight. Fresh demand spotted there may stop further downside. The upside is likely to be limited by 171.00
What are today’s key GBP/JPY levels?
Today's central pivot point can be found at 170.47, with support below at 170.05, 169.44, and 169.03, with resistance above at 171.07, 171.49 and 172.10. Hourly Moving Averages are bullish, with the 200SMA at 170.40 and the daily 20EMA at 169.74. Hourly RSI is neutral at 52.
Will the UK data manage to wake GBP/JPY up?
GBP/JPY finished Monday in the green zone, though the gains were tiny as empty economic calendar and important macro data reports due later this week kept the traders on the sidelines. Today the situation won’t be much different. Japan has already published its Corporate price index, which failed to inspire the markets, while UK is going to treat us only with the second tire mortgage approvals and Nationwide house price index reports. These figures might trigger the market movements only if they come out shockingly different from the expectations which is not our base case scenario. Technically, the closes support in the cross comes at 170.60/50, once broken, 170.20 will come in sight. Fresh demand spotted there may stop further downside. The upside is likely to be limited by 171.00
What are today’s key GBP/JPY levels?
Today's central pivot point can be found at 170.47, with support below at 170.05, 169.44, and 169.03, with resistance above at 171.07, 171.49 and 172.10. Hourly Moving Averages are bullish, with the 200SMA at 170.40 and the daily 20EMA at 169.74. Hourly RSI is neutral at 52.