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21 Apr 2014
GBP/JPY is up and rising; 172.00 is left behind
FXStreet (Moscow) - GBP/JPY is trying to develop bullish dynamic as the cross opened at 172.00 and reached current Asian high at 172.40
It’s not in the bag yet
British currency was a star perform during the previous week as good labour market statistics booster BOE rate hike expectations. By the end of the week GBP/JPY stalled right below 172.00 pivotal level to consolidate gains. Though the GBP has a good chance to continue its upside journey this week, the fate of the cross is not that clear as anti-risk sentiments are growing in strengths, thus JPY demand might counterbalance the GBP growth attempts. The bulls need to overcome 172.60 hurdle to show that they mean business. The intraday support is seen at 171.80.
What are today’s key GBP/JPY levels?
Today's central pivot point can be found at 172.00, with support below at 170.79, 170.58, and 170.38, with resistance above at 172.21, 172.41 and 172.62. Hourly Moving Averages are bullish, with the 200SMA at 170.92 and the daily 20EMA at 170.95. Hourly RSI is bullish at 72.
It’s not in the bag yet
British currency was a star perform during the previous week as good labour market statistics booster BOE rate hike expectations. By the end of the week GBP/JPY stalled right below 172.00 pivotal level to consolidate gains. Though the GBP has a good chance to continue its upside journey this week, the fate of the cross is not that clear as anti-risk sentiments are growing in strengths, thus JPY demand might counterbalance the GBP growth attempts. The bulls need to overcome 172.60 hurdle to show that they mean business. The intraday support is seen at 171.80.
What are today’s key GBP/JPY levels?
Today's central pivot point can be found at 172.00, with support below at 170.79, 170.58, and 170.38, with resistance above at 172.21, 172.41 and 172.62. Hourly Moving Averages are bullish, with the 200SMA at 170.92 and the daily 20EMA at 170.95. Hourly RSI is bullish at 72.