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GBP/JPY: Back and forth and highly volatile, trades above 173.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 29, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The GBP/JPY pair has set a post BOJ high and low of 174.07 and 171.17 levels, making it one of the most difficult pairs to trade in Asia today.

    Eyes daily high again

    A quick fire jump to 174.07 following BOJ’s negative rates announcement was undone and the pair fell back to 171.17 levels only to recover again to 173.60 levels.

    The cross is once again eyeing the daily high of 174.07.
    The offered tone around JPY could gather pace again in early Europe. Further rally in oil prices and the uptick in the European stocks would only make matters worse for the Japanese Yen.

    GBP/JPY Technical Levels

    The immediate resistance is seen at 174.07 (daily high), above which the pair could target 174.88 (April 14 low). On the other hand, a break below 171.69 (Jan 12 high) would open doors for a slide to 169.84 (23.6% of 188.81-163.98).
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