GBP/JPY is too scared to move away from its opening level

FXStreet (Moscow) - GBP/JPY has fallen asleep in a narrow 23-pips range in Asia, waiting for new catalysts

GBP/JPY waits for UK macro data

From the fundamental point of view GBP/JPY may be influenced by UK labor market data and MPC minutes meeting. According to the expectations, the unemployment rate was unchanged in February, 7.2%, while the claimant count dropped by 23.3k after falling 27.6k in January. Mark Carny was rather vocal, saying that BOE was not fixated on the jobs data and they would keep the rates at historical lows even if the unemployment decreased substantially. But the markets may feel enthusiastic about the improvement of labor market conditions. The Minutes are unlikely to reveal anything new, but the investors will read for particular comments that may clarify the MPC’s economic outlooks.

What are today’s key GBP/JPY levels?

Today's central pivot point can be found at 168.57, with support below at 167.51, 166.72, and 165.66, with resistance above at 169.36, 170.42 and 171.21. Hourly Moving Averages are bearish, with the 200SMA at 170.57 and the daily 20EMA at 170.09. Hourly RSI is neutral at 43.