7 Feb 2014
GBP/JPY is in hibernate mode at the opening level of 166.66
FXStreet (Moscow) - GBP/JPY is absolutely listless; it is trading in a narrow 30-pips range with a slight downside pressure as the great risk events loom large.
GBP got nothing from Bank of England; What's next?
Bank of England meeting was a complete non-event. No news, no changes, no statements. Though GBP/JPY rushed higher during the NY hours as JPY weakened against most majors. We attribute the movement to technical and speculative factors as the investors started to mull over the released labor market data and adjust their positions before today’s non-farm payrolls report. Today we have UK industrial production data that may continue the long string of strong economic reports coming from UK over recent weeks. This may heighten expectations for BOE tightening sooner rather than later and push GBP/JPY even higher. The key resistance level is 168.00, it is followed by 168.20. The support lies at 166.14 and 165.90.
What are today’s key GBP/JPY levels?
Today's central pivot point can be found at 166.21, with support below at 165.59, 164.42 and 163.80, with resistance above at 167.38, 168.00 and 169.17. Hourly Moving Averages are mixed, with the 200SMA at 167.76 and the daily 20EMA at 168.85. Hourly RSI is neutral at 59.
GBP got nothing from Bank of England; What's next?
Bank of England meeting was a complete non-event. No news, no changes, no statements. Though GBP/JPY rushed higher during the NY hours as JPY weakened against most majors. We attribute the movement to technical and speculative factors as the investors started to mull over the released labor market data and adjust their positions before today’s non-farm payrolls report. Today we have UK industrial production data that may continue the long string of strong economic reports coming from UK over recent weeks. This may heighten expectations for BOE tightening sooner rather than later and push GBP/JPY even higher. The key resistance level is 168.00, it is followed by 168.20. The support lies at 166.14 and 165.90.
What are today’s key GBP/JPY levels?
Today's central pivot point can be found at 166.21, with support below at 165.59, 164.42 and 163.80, with resistance above at 167.38, 168.00 and 169.17. Hourly Moving Averages are mixed, with the 200SMA at 167.76 and the daily 20EMA at 168.85. Hourly RSI is neutral at 59.