21 Jan 2014
GBP/JPY bulls are aiming at 172.00
FXstreet.com (Moscow) - GBP/JPY started the Asian session at 171.16 and rushed to 1.71.92 within hours as the JPY is weakening across the board.
GBP/JPY bulls are going wild
GBP/JPY ended Monday nearly exactly where it had started it. As a result we have to doji candles in succession on the daily chart and a great deal of uncertainty in the market. We believe that the longer-term sentiment in the cross is still bearish, but the upside movement on Tuesday morning, caused by general JPY weakness on the background of the stock market rise may lend the cross the short-term support. Today we are waiting for January CBI trends of total orders and selling prices in the UK. The numbers are supposed to come out roughly unchanged, so there will be no fireworks. GBP traders are likely to save themselves for more notable events such as labor market data and MPC minutes. Another key event that is able to inspire violent movements in the cross is the Bank’s of Japan monetary policy decision. Big movements might be in store for us, but now we have to be patient. Watch out for 172.00 once it is broken, the stops will be triggered and the cross may accelerate the upside to 172.53 intraday.The nearest support comes at 171.10-171.00
What are today’s key GBP/JPY levels?
Today's central pivot point can be found at 171.03, with support below at 170.56, 169.83 and 169.39, with resistance above at 171.76, 172.23, and 172.96. Hourly Moving Averages are bullish, with the 200SMA at 171.21 and the daily 20EMA at 170.99. Hourly RSI is neutral at 69.87.
GBP/JPY bulls are going wild
GBP/JPY ended Monday nearly exactly where it had started it. As a result we have to doji candles in succession on the daily chart and a great deal of uncertainty in the market. We believe that the longer-term sentiment in the cross is still bearish, but the upside movement on Tuesday morning, caused by general JPY weakness on the background of the stock market rise may lend the cross the short-term support. Today we are waiting for January CBI trends of total orders and selling prices in the UK. The numbers are supposed to come out roughly unchanged, so there will be no fireworks. GBP traders are likely to save themselves for more notable events such as labor market data and MPC minutes. Another key event that is able to inspire violent movements in the cross is the Bank’s of Japan monetary policy decision. Big movements might be in store for us, but now we have to be patient. Watch out for 172.00 once it is broken, the stops will be triggered and the cross may accelerate the upside to 172.53 intraday.The nearest support comes at 171.10-171.00
What are today’s key GBP/JPY levels?
Today's central pivot point can be found at 171.03, with support below at 170.56, 169.83 and 169.39, with resistance above at 171.76, 172.23, and 172.96. Hourly Moving Averages are bullish, with the 200SMA at 171.21 and the daily 20EMA at 170.99. Hourly RSI is neutral at 69.87.