14 Apr 2014
GBP/JPY moving in on 170 handle
FXStreet (Guatemala) - GBP/JPY is trading at 169.82, down -0.13% on the day, having posted a daily high at 170.14 and low at 169.59.
GBP/JPY is testing the 170 handle on a week that will be busy for the UK, while the JPY will be favoured in a risk off market with tensions mounting in the Ukraine. RBS strategists explained that they expect employment growth to slow but a 90K 3m gain may still be enough to see the unemployment rate tick down to 7.1%. “Headline inflation may fall to another multi-year low and reinforce the dovish UK. We like GBP downside next week”.
GBP/JPY has a neutral bias
The FXStreet OB/OS Index is reflecting neutral hourly conditions, while the FXStreet Trend Index is slightly bullish. Currently RSI is at 44.06, up from the last hourly print at 39.51, with ADX at 27.07, up from its previous close at 24.98.
GBP/JPY Levels
With spot trading at 169.84, we can see next resistance ahead at 169.93 (Daily Open), 169.93 (Daily 100 SMA), 170.05 (Weekly Low), 170.10 (Hourly 20 EMA) and 170.14 (Daily High). Support below can be found at 169.59 (Daily Low), 169.50 (Yesterday's Low), 169.39 (Daily Classic S1), 169.15 (Weekly Classic S1) and 168.73 (Daily Classic S2).
GBP/JPY is testing the 170 handle on a week that will be busy for the UK, while the JPY will be favoured in a risk off market with tensions mounting in the Ukraine. RBS strategists explained that they expect employment growth to slow but a 90K 3m gain may still be enough to see the unemployment rate tick down to 7.1%. “Headline inflation may fall to another multi-year low and reinforce the dovish UK. We like GBP downside next week”.
GBP/JPY has a neutral bias
The FXStreet OB/OS Index is reflecting neutral hourly conditions, while the FXStreet Trend Index is slightly bullish. Currently RSI is at 44.06, up from the last hourly print at 39.51, with ADX at 27.07, up from its previous close at 24.98.
GBP/JPY Levels
With spot trading at 169.84, we can see next resistance ahead at 169.93 (Daily Open), 169.93 (Daily 100 SMA), 170.05 (Weekly Low), 170.10 (Hourly 20 EMA) and 170.14 (Daily High). Support below can be found at 169.59 (Daily Low), 169.50 (Yesterday's Low), 169.39 (Daily Classic S1), 169.15 (Weekly Classic S1) and 168.73 (Daily Classic S2).