GBP/JPY back above 184.00 on M&A news

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 13, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - Sterling jumped across the board on Merger and Acquisition (M&A) news, pushing the GBP/JPY cross above 184.00 handle in early Europe.

    Stuck at hourly 50-MA

    The upside now is being capped around the hourly 50-MA located at 184.20 levels. The demand for the Japanese Yen is also on the rise after the weaker-than-expected Chinese imports triggered concerns regarding the consumption in the world’s second largest economy.

    Still, the cross managed to rise above 184.00 after Livesquawk reported that UK’s SABMiller and AB InBev reached agreement on acquisition for GBP 44 per share. The focus now shifts to the UK CPI figure due for release later today.

    GBP/JPY Technical Levels

    At 184.17, the immediate resistance is seen at 184.20 (hourly 50-MA), above which the pair could rise to 184.85 (Friday’s high), followed by 185.22 (200-DMA). On the other side, support is seen at 183.96 (hourly 100-MA) and 183.39 (Monday’s low).
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