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GBP/JPY at fresh session highs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 19, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The buying interest in Sterling spiked in the last one hour amid risk-on in Europe, taking the GBP/JPY pair to a session high of 184.64 levels.

    Bounced-off from key fib level

    The cross bounced-off from 183.86 (23.6% of 180.66-184.852) as the European equities turned positive after a softer start. The pair appears on track to test Oct 9 high of 184.85 levels. However, offers around Friday’s high of 184.73 is making further gains difficult.

    Ahead in the day, the focus would remain on the overall market sentiment, since the Euroland and the US economic calendar is empty.

    GBP/JPY Technical Levels

    The immediate resistance is seen at 184.85 (Oct 9 high), above which gains could be extended to 185.30 (200-DMA). On the other side, support is seen at 183.86 (23.6% of 180.66-184.852), followed by a major support at 183.00 levels.
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