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Forex pairs in this Article » GBP/USD, USD/JPY
FXStreet (Moscow) - ">GBP/JPY moved to intraday high at 168.40 right after opening in Asia, but drifted lower to the key support level of 168.00.

Wind of change?

GBP/JPY charts show the picture similar to EUR/JPY. We had a first positive weekly close since December. And take note of this potential bullish hammer on a weekly chart. The lower shadow broke a number of important support levels, but the bears were not able to hold ground. This candlestick model requires a confirmation, but we need to be on the alert as the long-term wind may have changed. On a daily basis the cross may try to break the support level of 168.00, though the movement remains a correction as long as the above said level is kept intact. From the fundamental point of view, we have a Lloyds Employment confidence index, though it is not considered to be a great market mover. Surprising numbers may spur volatility in the cross, but they won’t be able to change the general sentiment.

What are today’s key GBP/JPY levels?

Today's central pivot point can be found at 167.39, with support below at 166.65, 165.41, and 164.67, with resistance above at 168.62, 169.37 and 170.60. Hourly Moving Averages are bullish, with the 200SMA at 167.42 and the daily 20EMA at 168.76. Hourly RSI is neutral at 70.
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