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GBP/JPY attempting gains above 5-DMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 10, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The GBP/JPY is attempting gains above 5-DMA located at 151.20 after having bounced off 159.51 (23.6% of 175.02-154.72) in the previous session.

    Supported by hourly 100-MA

    The selling interest ran out of steam around hourly 100-MA at 160.94 as the European stock markets opened the day on a positive note. The bid tone around GBP/USD strengthened as well, pushing it above 1.42 levels.

    Meanwhile, demand for JPY is restricted after Nikkei ended with 1% gains. European equities are trading on a flat note as well, keeping Yen demand capped. The GBP/JPY cross currently trades around 161.40 levels.

    GBP/JPY Technical Levels

    The immediate hurdle is seen at 161.86 (Mar 8 high), above which the cross could target 162.47 (38.2% of 175.02-154.72). On the other hand, a break below 160.72 (daily low) would open doors for a re-test of 159.51 (23.6% of 175.02-154.72).
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