2 May 2014
GBP/JPY is sidelined above 172.80, bulls are hesitant
FXStreet (Moscow) - GBP/JPY is consolidating at 172.80 with a light bullish bias on quiet Asian trading
Per aspera ad astra
GBP/JPY is slowly moving to the upper side of its recent range. The cross closed on Thursday marginally higher and registered a new weekly high at 171.93 as GBP spiked on much better than expected Manufacturing PMI data. The UK macro economic calendar contains only one report that may affect the market sentiment - that is Construction PMI. The index is expected to weaken to 62.1 in April from 62.5 in March, though this won’t darken UK economy horizon. Better than forecasted data might push GBP higher, but the upside is likely to be capped by 173.00. This hurdle will be difficult to clear as there are a number of strong technical levels clustered on approach. On the downside keep an eye on 172.38 (yesterday’s lows), break below will open up the way to 172.00.
What are today’s key GBP/JPY levels?
Today's central pivot point can be found at 172.74, with support below at 172.51, 172.17, and 171.94, with resistance above at 173.08, 173.31 and 173.65. Hourly Moving Averages are bullish, with the 200SMA at 172.27 and the daily 20EMA at 171.79. Hourly RSI is bullish at 58.
Per aspera ad astra
GBP/JPY is slowly moving to the upper side of its recent range. The cross closed on Thursday marginally higher and registered a new weekly high at 171.93 as GBP spiked on much better than expected Manufacturing PMI data. The UK macro economic calendar contains only one report that may affect the market sentiment - that is Construction PMI. The index is expected to weaken to 62.1 in April from 62.5 in March, though this won’t darken UK economy horizon. Better than forecasted data might push GBP higher, but the upside is likely to be capped by 173.00. This hurdle will be difficult to clear as there are a number of strong technical levels clustered on approach. On the downside keep an eye on 172.38 (yesterday’s lows), break below will open up the way to 172.00.
What are today’s key GBP/JPY levels?
Today's central pivot point can be found at 172.74, with support below at 172.51, 172.17, and 171.94, with resistance above at 173.08, 173.31 and 173.65. Hourly Moving Averages are bullish, with the 200SMA at 172.27 and the daily 20EMA at 171.79. Hourly RSI is bullish at 58.