5 May 2014
GBP/JPY bears are ready to clear away 172.00 support
FXStreet (Moscow) - GBP/JPY attacks the key support of 172.00 after opening at 172.54; bears are in control
Risk off, JPY on
Early on Monday GBP/JPY extended losses incurred in the end of the previous week. This dynamic is not consistent with overall GBP sentiments as the British currency is resilient against other majors. Actually its JBY that is rising across the board as strong anti-risk sentiments gripped the markets amid geopolitical fears. Japanese markets are still closed for the Golden week, thus thin liquidity conditions coupled with technical factors exaggerate movements in JPY crosses. Market incentives will hardly change during European hours as the UK economic calendar is next to empty. Watch the Ukrainian news and keep a close eye at 172.00-171.90 area. Once it is firmly broken, the cross will extend the downside to 171.60.
What are today’s key GBP/JPY levels?
Today's central pivot point can be found at 172.74, with support below at 171.98, 171.60, and 170.84, with resistance above at 173.18, 173.89 and 174.27. Hourly Moving Averages are bearish, with the 200SMA at 172.31 and the daily 20EMA at 171.85. Hourly RSI is bearish at 24.
Risk off, JPY on
Early on Monday GBP/JPY extended losses incurred in the end of the previous week. This dynamic is not consistent with overall GBP sentiments as the British currency is resilient against other majors. Actually its JBY that is rising across the board as strong anti-risk sentiments gripped the markets amid geopolitical fears. Japanese markets are still closed for the Golden week, thus thin liquidity conditions coupled with technical factors exaggerate movements in JPY crosses. Market incentives will hardly change during European hours as the UK economic calendar is next to empty. Watch the Ukrainian news and keep a close eye at 172.00-171.90 area. Once it is firmly broken, the cross will extend the downside to 171.60.
What are today’s key GBP/JPY levels?
Today's central pivot point can be found at 172.74, with support below at 171.98, 171.60, and 170.84, with resistance above at 173.18, 173.89 and 174.27. Hourly Moving Averages are bearish, with the 200SMA at 172.31 and the daily 20EMA at 171.85. Hourly RSI is bearish at 24.