GBP/JPY – challenging bids around 161.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 31, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    GBP/JPY is testing bids around 161.00 as weakness in European equity futures is keeping JPY on a front foot ahead of BOE governor Carney’s speech.

    Eyes Carney speech

    Traders await Bank of England governor Carney’s comments, which are likely to hit the wires before UK GDP release. Carney’s take on Brexit and its impact on UK economy could influence Sterling.

    Meanwhile, action in the European stock markets could affect demand for Yen. Prices made failed attempts earlier this week to take out hurdle at 162.47 (38.2% of 175.02-154.72) before falling back to 161.00 levels today.

    GBP/JPY Technical Levels

    The immediate hurdle is noted at 162.47 (38.25 of 175.02-154.72), above which cross could target 164.10 (Mar 11 high). Conversely, breakdown of 160.62 (10-DMA) would expose 159.00 (Mar 17 low).
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