GBP/JPY attempting gains above 160.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 9, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    Offered tone around JPY gathered pace after Hamada’s comments hit the wires, pushing the GBP/JPY pair above 160, from where the pair is struggling to extend gains.

    Supported by 23.6% Fibo support

    The cross rebounded from 159.51 (23.6% of 175.02-154.72) and has clocked a fresh session high of 160.29 levels. JPY came under pressure on account of risk-on in the European equities. The bearish pressure around Yen strengthened further after PM Advisor said BOJ’s next move could be expansion opf QE and more rate cuts.

    The cross currently sits around 160.10. With no major data due in the US, the currency pair remains at the mercy of the overall market sentiment.

    GBP/JPY Technical Levels

    The immediate support is seen at 159.70 (10-DMA), under which the cross could drop to 158.55 (Feb 26 high). On the other hand, a break above 5-DMA at 160.92 would expose 161.56 (Feb 17 low).
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