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21 Feb 2014
GBP/JPY consolidates just above the opening level
FXStreet (Moscow) - FXStreet (Barcelona) - GBP/JPY moved to Asian high at 170.83 on the back of positive Nikkei opening, but soon retraced to the current levels of 170.60 and entered the consolidation phase.
Will the UK retail sales data make change?
GBP/JPY may be influenced by British retail sales report published later today. It is expected to drop 0.9% m/m and grow by 5.0% y/y in January, slower than in December. Pretty dismal numbers. Though, should they come better than expected the GBP bulls might get excited. In this case the cross may rush higher to the area above 171.00. On the other hand the risk aversive sentiments may influence JPY dynamic and counterbalance possible GBP growth. Anyway, the intraday range is likely to be limited by 171.00 on the upside and 170.00 on the downside.
What are today’s key GBP/JPY levels?
Today's central pivot point can be found at 170.13, with support below at 169.45, 168.55, and 167.88, with resistance above at 171.03, 171.70 and 172.61. Hourly Moving Averages are bullish, with the 200SMA at 169.89 and the daily 20EMA at 169.55. Hourly RSI is neutral at 56.
Will the UK retail sales data make change?
GBP/JPY may be influenced by British retail sales report published later today. It is expected to drop 0.9% m/m and grow by 5.0% y/y in January, slower than in December. Pretty dismal numbers. Though, should they come better than expected the GBP bulls might get excited. In this case the cross may rush higher to the area above 171.00. On the other hand the risk aversive sentiments may influence JPY dynamic and counterbalance possible GBP growth. Anyway, the intraday range is likely to be limited by 171.00 on the upside and 170.00 on the downside.
What are today’s key GBP/JPY levels?
Today's central pivot point can be found at 170.13, with support below at 169.45, 168.55, and 167.88, with resistance above at 171.03, 171.70 and 172.61. Hourly Moving Averages are bullish, with the 200SMA at 169.89 and the daily 20EMA at 169.55. Hourly RSI is neutral at 56.