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14 Feb 2014
GBP/JPY tries to restore ground
FXStreet (Moscow) - GBP/JPY is quickly losing ground due to JPY strength across the board; the cross set the current low at 169.29, but managed to retrace some losses
GBP/JPY is still trending higher
GBP/JPY finished Thursday mostly unchanged, with a tiny gain of 30 points as it was influenced by two colliding forces: growing GPB and growing JPY. Both of them were equally strong, which kept the cross steady. Anyway the short-term dynamic is still positive and the 4h chart shows that the cross moves within a well-defined uptrend as long as 169.20 is intact. There are no interesting macro events scheduled fro today so we believe that the cross will go on consolidating into the end of the week. An important support comes at 169.20 and followed by 168.40 where it coincides with 4h 50 EMA, while the key resistance is still at 170.00. If it is firmly broken the cross will accelerate to 170.50.
What are today’s key GBP/JPY levels?
Today's central pivot point can be found at 169.98, with support below at 169.50, 168.78, and 168.30, with resistance above at 170.71, 171.19 and 171.92. Hourly Moving Averages are mixed, with the 200SMA at 167.30 and the daily 20EMA at 168.94. Hourly RSI is neutral at 44.
GBP/JPY is still trending higher
GBP/JPY finished Thursday mostly unchanged, with a tiny gain of 30 points as it was influenced by two colliding forces: growing GPB and growing JPY. Both of them were equally strong, which kept the cross steady. Anyway the short-term dynamic is still positive and the 4h chart shows that the cross moves within a well-defined uptrend as long as 169.20 is intact. There are no interesting macro events scheduled fro today so we believe that the cross will go on consolidating into the end of the week. An important support comes at 169.20 and followed by 168.40 where it coincides with 4h 50 EMA, while the key resistance is still at 170.00. If it is firmly broken the cross will accelerate to 170.50.
What are today’s key GBP/JPY levels?
Today's central pivot point can be found at 169.98, with support below at 169.50, 168.78, and 168.30, with resistance above at 170.71, 171.19 and 171.92. Hourly Moving Averages are mixed, with the 200SMA at 167.30 and the daily 20EMA at 168.94. Hourly RSI is neutral at 44.