29 May 2014
GBP/JPY is not ready to go through 170.00 yet
FXStreet (Moscow) - GBP/JPY consolidates around the bespoke support of 170.00 after opening at 170.24. The current low is set at 169.96
At the brink
On a weekly basis, the GBP/JPY is still consolidating in a range limited by the bespoke support of 170.00 on the downside and 172.60 on the upside. Currently the cross came close to the lower band of the range and a weekly close below will signal that a much deeper decline is in store. On the intraday basis the cross might reverse some losses due to profit-taking. Japanese retail sales data is out of the way, while the UK economic calendar is empty today. It means that GBP/JPY will be left at the mercy of speculative trends and technical factors. Keep an eye at 170.00/169.90 support as the break below may trigger stops on mid-term longs and cause a deeper decline. The upside will be limited by 170.50.
What price levels and patterns have to be considered?
Current price is 170.14, with resistance ahead at 170.19 (Monthly Low), 170.19 (Weekly Low), 170.20 (Daily Open), 170.27 (Daily High) and 170.32 (Weekly Classic S1).
Next support to the downside can be found at 169.96 (Daily Low), 169.89 (Yesterday's Low), 169.55 (Daily Classic S1), 169.02 (Weekly Classic S2) and 168.90 (Daily Classic S2).
At the brink
On a weekly basis, the GBP/JPY is still consolidating in a range limited by the bespoke support of 170.00 on the downside and 172.60 on the upside. Currently the cross came close to the lower band of the range and a weekly close below will signal that a much deeper decline is in store. On the intraday basis the cross might reverse some losses due to profit-taking. Japanese retail sales data is out of the way, while the UK economic calendar is empty today. It means that GBP/JPY will be left at the mercy of speculative trends and technical factors. Keep an eye at 170.00/169.90 support as the break below may trigger stops on mid-term longs and cause a deeper decline. The upside will be limited by 170.50.
What price levels and patterns have to be considered?
Current price is 170.14, with resistance ahead at 170.19 (Monthly Low), 170.19 (Weekly Low), 170.20 (Daily Open), 170.27 (Daily High) and 170.32 (Weekly Classic S1).
Next support to the downside can be found at 169.96 (Daily Low), 169.89 (Yesterday's Low), 169.55 (Daily Classic S1), 169.02 (Weekly Classic S2) and 168.90 (Daily Classic S2).