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7 Jul 2014
GBP/JPY is sidelined at the opening level of 175.16
FXStreet (Moscow) - GBP/JPY is sitting in a narrow range around the opening level of 175.16 in Asia as trading activity is still low.
consolidating gains
GBP/JPY has stopped its bullish run. Currently the ross is consolidating gains right above the pivotal level of 175.00 broken on Thursday. There are no interesting fundamental events scheduled for today that might trigger the movement, so the criss is likely to follow technical trends and general JPY sentiments. Bears desperately need to drive GBP/JPY below 175.00 to regain control, while the bulls will aims at the last week maximum at 175.36.
What price levels and patterns have to be considered?
Spot is presently trading at 175.13, and next resistance can be seen at 175.24 (Daily Open), 175.28 (Daily High), 175.31 (Monthly High), 175.31 (Weekly High) and 175.31 (Annual High).
Support below can be found at 175.12 (Daily Classic PP), 175.11 (Hourly 20 EMA), 175.04 (Daily Low), 174.84 (Yesterday's Low) and 174.81 (Daily Classic S1).
Regarding candlestick formations, we can see Doji and Hammer formation on the 1-hour .
consolidating gains
GBP/JPY has stopped its bullish run. Currently the ross is consolidating gains right above the pivotal level of 175.00 broken on Thursday. There are no interesting fundamental events scheduled for today that might trigger the movement, so the criss is likely to follow technical trends and general JPY sentiments. Bears desperately need to drive GBP/JPY below 175.00 to regain control, while the bulls will aims at the last week maximum at 175.36.
What price levels and patterns have to be considered?
Spot is presently trading at 175.13, and next resistance can be seen at 175.24 (Daily Open), 175.28 (Daily High), 175.31 (Monthly High), 175.31 (Weekly High) and 175.31 (Annual High).
Support below can be found at 175.12 (Daily Classic PP), 175.11 (Hourly 20 EMA), 175.04 (Daily Low), 174.84 (Yesterday's Low) and 174.81 (Daily Classic S1).
Regarding candlestick formations, we can see Doji and Hammer formation on the 1-hour .