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GBP/JPY back above confluence of Fibo levels

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 14, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The GBP/JPY pair is back above 183.98 (50% of Jul 2007 high-Sep 2011 low) and 184.02 (23.6% of 195.88-180.36) in early Europe from the Asian session low of 183.34.

    Hovers around hourly 100-MA

    The cross currently trades at its hourly 100-MA located at 184.39 levels. The Japanese Yen came under pressure as the rally in the Chinese equities helped calm market nerves. The uptick in the treasury yields also pushed the USD/JPY higher.

    Meanwhile, the cable has managed to stay relatively resilient. Consequently, the GBP/JY cross recovered off lows and is attempting to move into the positive territory.

    GBP/JPY Technical Levels

    A break above 184.39 (hourly 100-MA), could see the pair test the hourly 200-MA at 184.87 levels. On the other hand, a break below the confluence of the Fibo support - 183.98 (50% of Jul 2007 high-Sep 2011 low) and 184.02 (23.6% of 195.88-180.36) would open doors for 183.34 (previous day’s low).
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