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17 Feb 2014
GBP/JPY rejected from resistance of 170.75
FXStreet (Moscow) - GBP/JPY started the day in a bad mood and moved to the key support of 170.00, but Japanese GDP numbers inspired the bulls and helped to push the cross up to the resistance zone of 170.75-80.
GBP/JPY bulls sniff wind of change
Last week brought GBP/JPY hefty 200+ pips and the resultant large bullish candle on the weekly chart confirmed the «bullish hammer» candlestick pattern. This is a good sign that the longer term sentiments towards the cross might have changed for the better. On the intraday basis the dynamic is also positive as there is a healthy uptrend visible on 4h chart. The lower band of the upside channel now coincides with 170.00, thus while the cross is above this level, further intraday growth seems likely. The main Japanese data is out of the way, so the rest of the day the cross may spend in the range. Watch out for the key support of 170.00, once broken, the downside will accelerate to 169.50. On the upside the resistance comes at 170.80 and followed by 171.00.
What are today’s key GBP/JPY levels?
Today's central pivot point can be found at 170.07, with support below at 169.53, 168.57, and 168.03, with resistance above at 170.03, 171.57 and 172.53. Hourly Moving Averages are mixed, with the 200SMA at 167.82 and the daily 20EMA at 169.09. Hourly RSI is neutral at 65.
GBP/JPY bulls sniff wind of change
Last week brought GBP/JPY hefty 200+ pips and the resultant large bullish candle on the weekly chart confirmed the «bullish hammer» candlestick pattern. This is a good sign that the longer term sentiments towards the cross might have changed for the better. On the intraday basis the dynamic is also positive as there is a healthy uptrend visible on 4h chart. The lower band of the upside channel now coincides with 170.00, thus while the cross is above this level, further intraday growth seems likely. The main Japanese data is out of the way, so the rest of the day the cross may spend in the range. Watch out for the key support of 170.00, once broken, the downside will accelerate to 169.50. On the upside the resistance comes at 170.80 and followed by 171.00.
What are today’s key GBP/JPY levels?
Today's central pivot point can be found at 170.07, with support below at 169.53, 168.57, and 168.03, with resistance above at 170.03, 171.57 and 172.53. Hourly Moving Averages are mixed, with the 200SMA at 167.82 and the daily 20EMA at 169.09. Hourly RSI is neutral at 65.