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4 Apr 2014
GBP/JPY keeps close to the opening levels at 172.32
FXStreet (Moscow) - Having made a daily high at 172.53 and low at 172.28, GBP/JPY spot is locked in a narrow range with a subtle hint on bearish bias.
GBP/JPY is lazy ahead the end of the week
GBP/JPY closed in the red zone after a failed attempt to break above 173.00 resistance line on Thursday. It’s the first negative close in more than two weeks. But the cross is still well above the key support level of 172.00, which means that the bulls might have another chance to drive it higher in the short-term perspective. The cross had a slow in Asia as the markets are quiet, getting ready for the most waited event of the month - US Non-Farm Payrolls Report, http://www.fxstreet.com/analysis/us-nfp-forecast/2014/03/28/ which might have a knock on effect on the cross. Technically, the short-term movements are limited by a narrow range. Let’s hope the European session will bring some excitement. The most important support level is 172.00. Once it is broken. the downside may accelerate to 171.70. The upside is likely to be limited by Asian high at 172.52, at least until the US data is out.
What price levels and patterns have to be considered?
With spot trading at 172.34, we can see next resistance ahead at 172.49 (Hourly 20 EMA), 172.50 (Daily Open), 172.53 (Daily High), 172.60 (Daily Classic PP) and 172.73 (Weekly High).
To the downside we see next support at 172.28 (Daily Low), 172.28 (Hourly 100 SMA), 172.25 (Weekly Classic R1), 172.15 (Yesterday's Low) and 172.04 (Daily Classic S1).
GBP/JPY is lazy ahead the end of the week
GBP/JPY closed in the red zone after a failed attempt to break above 173.00 resistance line on Thursday. It’s the first negative close in more than two weeks. But the cross is still well above the key support level of 172.00, which means that the bulls might have another chance to drive it higher in the short-term perspective. The cross had a slow in Asia as the markets are quiet, getting ready for the most waited event of the month - US Non-Farm Payrolls Report, http://www.fxstreet.com/analysis/us-nfp-forecast/2014/03/28/ which might have a knock on effect on the cross. Technically, the short-term movements are limited by a narrow range. Let’s hope the European session will bring some excitement. The most important support level is 172.00. Once it is broken. the downside may accelerate to 171.70. The upside is likely to be limited by Asian high at 172.52, at least until the US data is out.
What price levels and patterns have to be considered?
With spot trading at 172.34, we can see next resistance ahead at 172.49 (Hourly 20 EMA), 172.50 (Daily Open), 172.53 (Daily High), 172.60 (Daily Classic PP) and 172.73 (Weekly High).
To the downside we see next support at 172.28 (Daily Low), 172.28 (Hourly 100 SMA), 172.25 (Weekly Classic R1), 172.15 (Yesterday's Low) and 172.04 (Daily Classic S1).