18 Feb 2014
GBP/JPY is on upside quest following the BOJ decision
FXStreet (Moscow) - GBP/JPY touched the intraday high at 170.61 and now trying to hold ground above the resistance level of 170.50
Inflation in UK is in focus now
GBP/JPY finished the first day of the trading week nearly unchanged even though the GBP retraced lower across the board. But Tuesday put an end to the short consolidation phase as the cross performed the upside breakout and went on growing in like with longer-term bullish bias. Now that BOJ monetary policy decision is be hid us, the focus shifts to the consumer inflation data form UK. It is expected to show that the CPI dropped 0.6% m/m and grew 2.0% y/y. The disinflation process may discourage those investors who expect early rate rise from Bank of England, though it is certainly not wise to jump to the conclusions as the price trend is not clear yet. The short-term support comes at 171.00 and 170.35 (1h 50 EMA), while the resistance is seen at 172.00.
What are today’s key GBP/JPY levels?
Today's central pivot point can be found at 170.43, with support below at 169.78, 169.25, and 168.59, with resistance above at 171.62 and 172.15. Hourly Moving Averages are bullish, with the 200SMA at 167.42 and the daily 20EMA at 169.09. Hourly RSI is neutral at 52.
Inflation in UK is in focus now
GBP/JPY finished the first day of the trading week nearly unchanged even though the GBP retraced lower across the board. But Tuesday put an end to the short consolidation phase as the cross performed the upside breakout and went on growing in like with longer-term bullish bias. Now that BOJ monetary policy decision is be hid us, the focus shifts to the consumer inflation data form UK. It is expected to show that the CPI dropped 0.6% m/m and grew 2.0% y/y. The disinflation process may discourage those investors who expect early rate rise from Bank of England, though it is certainly not wise to jump to the conclusions as the price trend is not clear yet. The short-term support comes at 171.00 and 170.35 (1h 50 EMA), while the resistance is seen at 172.00.
What are today’s key GBP/JPY levels?
Today's central pivot point can be found at 170.43, with support below at 169.78, 169.25, and 168.59, with resistance above at 171.62 and 172.15. Hourly Moving Averages are bullish, with the 200SMA at 167.42 and the daily 20EMA at 169.09. Hourly RSI is neutral at 52.