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GBP/JPY has died somewhere around 171.50


FXStreet (Moscow) - GBP/JPY is going in circles around 171.50 pivot as traders are not ready to decide where to go before the key risk events looming in Europe

Bulls are losing the grip

GBP/JPY might have bottomed out at 170.42 on Friday as two doji candles with long shadows are followed by a big bullish candle that breaks two important resistance levels at 171.00 and 171.30. The impressive bullish performance was caused by GBP rallying across the board after Carney’s hawkish comments and intensified by JPY sell-off due to better risk sentiments. Today the key risk factor for the cross is related to MPC minutes published during European hours. Should the minutes fail to surprise the markets with more hawkish sentiments, GBP is likely to temple across the board. In this case the cross may reach the initial bearish target at 171.30. If it is broken, the downside might extend towards 171.00. On the upside the nearest resistance is seen at 171.90/00

What price levels and patterns have to be considered?

Spot is presently trading at 171.55, and next resistance can be seen at 171.58 (Daily Open), 171.65 (Daily High), 171.69 (Yesterday's High), 171.83 (Daily Classic R1) and 171.93 (Weekly High).

Support below can be found at 171.51 (Hourly 20 EMA), 171.48 (Daily Low), 171.46 (Hourly 200 SMA), 171.43 (Daily Classic PP) and 171.30 (Weekly Classic PP).

USD/JPY lazily climbing higher

USD/JPY is trying to develop the upside dynamics as the pair started the Asian session at 102.56 and moved to the current intraday high at 102.64. Now it is trading at 102.60
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Japan Leading Economic Index climbed from previous 104.8 to 105.9

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