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Forex pairs in this Article » USD/JPY (Moscow) - GBP/JPY tested intraday lows at 170.80, but the bearish movement proved to be short-lived as the cross retraced back above 171.00 (currently at 171.16).

GBP/JPY is a technical play today

The correction is ripe as GBP/JPY inexorably climbed higher and higher in the end of 2013. The cross shows the dynamic similar to EUR/JPY movements, which is no wonder as both EUR and GBP grew yesterday due to worse than expected ISM figures. Though the Yen is stronger against the GBP than against the Euro as traders are afraid of buying the cross that is considered to be overvalued. No UK and no Japanese data is published today, so GBP/JPY is a pure technical play. Watch out for stops crowded below 170.80. The move lower might enhance the bearish sentiment in the intraday scale.

What are today’s key GBP/JPY levels?

Today's central pivot point can be found at 171.18, with support below at 170.12, 169.35 and 169.29, with resistance above at 171.95, 173.01, and 173.78. Hourly Moving Averages are bearish, with the 200SMA at 172.67 and the daily 20EMA at 170.66. Hourly RSI is neutral at 42.20.
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