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GBP/JPY bulls set their eyes at 174.00

FXStreet (Moscow) - GBP/JPY  tested waters above 174.00 pivot, but could not hold ground and retraced towards 173.95. The cross is oscillating within a range limited by 174.14 on the upside and 173.70 on the downside.

GBP/JPY bulls have hard time at 174.00/20 resistance area. Yesterday the cross managed to climb towards 174.18 only to retreat towards 173.70 by the end of the day. The cross has driven mostly by JPY sentiments lately, so the downside pressure is caused mainly by JPY strengthening across the board on the back of global economy jitters. Japanese better than expected retail sales numbers were mostly ignored by the markets. No wonder, as Wednesday’s FOMC meeting is all they can think about now. Empty calendar and market jitters leave GBP/JPY exposed to volatile trading. From the technical point of view, keep an eye at 174.00/20 resistance zone. Daily close above this area would be a bullish signal. The nearest the support lies at 173.70/65.

What are today’s key GBP/JPY levels?

Today's central pivot point can be found at 173.83; initial support levels at 173.36, 172.91 and 172.44 with resistance above at 174.27, 174.25 and 175.19. Hourly Moving Averages are bullish, with the 200SMA bullish at 173.68 and the daily 20EMA bullish at 173.36. Hourly RSI is bullish at 55.

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