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23 Apr 2014
GBP/JPY is waiting for BOE minutes
FXStreet (Moscow) - GBP/JPY stalled at 172.60 after initial drop down to 172.49
Who would scare markets: BOE or Ukraine?
GBP was higher across the board on Tuesday amid speculations that the Bank of England minutes published later today might show that policy makers are inclined to raise borrowing costs sooner that later. If these expectations are confirmed the British currency will be boosted and might spike to 173.00 against JPY. But lack of evidence that hawkish sentiments are growing, the negative reaction might be much stronger as the investors would be disappointed. In this case the support will come at yesterday’s low of 172.00. Also keep your eyes peeled for Ukrainian crisis development as the escalation might lead to JPY strength.
What price levels and patterns have to be considered?
With spot trading at 172.63, we can see next resistance ahead at 172.64 (Weekly High), 172.73 (Monthly High), 172.78 (Yesterday's High), 172.81 (Daily High) and 172.94 (Daily Classic R1).
To the downside we see next support at 172.61 (Daily Open), 172.59 (Hourly 20 EMA), 172.50 (Daily Low), 172.48 (Daily Classic PP) and 172.18 (Daily Classic S1).
Who would scare markets: BOE or Ukraine?
GBP was higher across the board on Tuesday amid speculations that the Bank of England minutes published later today might show that policy makers are inclined to raise borrowing costs sooner that later. If these expectations are confirmed the British currency will be boosted and might spike to 173.00 against JPY. But lack of evidence that hawkish sentiments are growing, the negative reaction might be much stronger as the investors would be disappointed. In this case the support will come at yesterday’s low of 172.00. Also keep your eyes peeled for Ukrainian crisis development as the escalation might lead to JPY strength.
What price levels and patterns have to be considered?
With spot trading at 172.63, we can see next resistance ahead at 172.64 (Weekly High), 172.73 (Monthly High), 172.78 (Yesterday's High), 172.81 (Daily High) and 172.94 (Daily Classic R1).
To the downside we see next support at 172.61 (Daily Open), 172.59 (Hourly 20 EMA), 172.50 (Daily Low), 172.48 (Daily Classic PP) and 172.18 (Daily Classic S1).