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Forex pairs in this Article » USD/JPY (Barcelona) - Having ranged overnight, GBP/JPY climbed steadily into the European session, posting a high at 168.93, before retracing to where it currently trades at 168.48, up 0.44% on the day.

GBP/JPY capped by R2 resistance

This mornings push higher saw spot find R2 resistance at 170.05, and followed commentary from the ECB President, that easing measures were firmly still on the table. This morning has seen UK Chancellor Osborne speak to highlight that accommodative monetary policy has been essential in supporting demand in the UK, but that productivity in the UK is too low, which is of concern to the Treasury. The only UK data today saw the CB Leading Economic Index decline (Nov) to 0.4%, from 1.7% previous.

What are today’s key GBP/JPY levels?

The central pivot point is located at 168.2085 with supports below at 167.0470 (S1), 166.3585 (S2) and 165.1970 (S3) and resistance above at 168.8970 (R1), 170.0585 (R2) and 170.7470 (R3). Special attention should be paid to the price range 169.62-169.96 where several technical levels are confluent today.
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