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Forex pairs in this Article » EUR/USD, GBP/USD, USD/JPY
GPB/JPY crawled up to the resistance of 165.00 and even spiked to intraday high at 165.30, but didn’t dare to stay above it so far. The cross is currently trading at 164.90

GPB/JPY is between the rock and the hard place

GPB/JPY performed a spectacular 300 points crash first on UK PMI data that came out worse than expected at 56.7 form 57.2 in December (and forecast 57.3). Nothing to panic about, but the investors chose to trim long positions ahead of the BoE meeting. And then on disappointing US ISM as the Yen rushed higher across the board following the stock market decline and new wave on anti-risk sentiments. This is a good illustration of current panicky environment of the market where the slightest sigh of cooling down triggers flight to safety. We believe that the yesterday’s fall was exaggerated so the cross may restore some ground. Today the GPB/JPY will be influenced by UK construction PMI which may serve as another reason to sell pound once the data fails to live up to expectations, while better than expected numbers will trigger the upside correction. The key support level comes at 164.73 and followed by 164.30. The resistance is 165.00 and 165.30.

What are today’s key GBP/JPY levels?
Today's central pivot point can be found at 165.73, with support below at 163.24, 161.79 and 159.30, with resistance above at 167.17, 169.67 and 171.11. Hourly Moving Averages are bearish, with the 200SMA at 169.84 and the daily 20EMA at 169.83. Hourly RSI is neutral at 37.
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