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15 May 2014
GBP/JPY lays low after head spinning drop on Wednesday
FXStreet (Moscow) - GBP/JPY is trading at 170.81, off from the Asian low at 170.45.
GBP/JPY is licking wounds
GBP/JPY was a big loser yesterday as the cross lost more than 100 pips and closed below 171.00. The movement was caused by JPY strengthening across the board and intensified by GBP falling after the BOE Quarterly Inflation Report. Currently the cross is consolidation in a tight range as traders need to get accustomed to new levels. UK economic calendar is empty today, so the GBP/JPY will be influenced by speculative sentiments and JPY dynamics. Profit taking from deeply oversold levels is not out of the question. From the technical point of view the cross need to get above 171.00 to improve the short-term picture.
What price levels and patterns have to be considered?
Spot is presently trading at 170.82, and next resistance can be seen at 170.84 (Daily Open), 170.87 (Weekly Low), 170.90 (Weekly Classic S1), 170.95 (Daily High) and 170.97 (Hourly 20 EMA).
Support below can be found at 170.81 (Daily 100 SMA), 170.60 (Yesterday's Low), 170.50 (Monthly Low), 170.45 (Daily Low) and 170.18 (Daily Classic S1).
GBP/JPY is licking wounds
GBP/JPY was a big loser yesterday as the cross lost more than 100 pips and closed below 171.00. The movement was caused by JPY strengthening across the board and intensified by GBP falling after the BOE Quarterly Inflation Report. Currently the cross is consolidation in a tight range as traders need to get accustomed to new levels. UK economic calendar is empty today, so the GBP/JPY will be influenced by speculative sentiments and JPY dynamics. Profit taking from deeply oversold levels is not out of the question. From the technical point of view the cross need to get above 171.00 to improve the short-term picture.
What price levels and patterns have to be considered?
Spot is presently trading at 170.82, and next resistance can be seen at 170.84 (Daily Open), 170.87 (Weekly Low), 170.90 (Weekly Classic S1), 170.95 (Daily High) and 170.97 (Hourly 20 EMA).
Support below can be found at 170.81 (Daily 100 SMA), 170.60 (Yesterday's Low), 170.50 (Monthly Low), 170.45 (Daily Low) and 170.18 (Daily Classic S1).