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GBP/JPY back below 174.00

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 cross set a fresh daily high of 174.17 in early Europe before falling back to 174.00 levels after BOJ’s Kuroda speech.

    Pair hit more than 3-week highs

    The pair hit more than 3-week high after BOJ announced negative rates and expressed readiness to do more if required. BOJ’s Kuroda, in his press conference speech, reiterated the message delivered by the policy statement.

    Hence, there is little reason for the markets to offer JPY again. Consequently, the cross trimmed gains to trade below 174.00 levels.

    GBP/JPY Technical Levels

    The immediate resistance is seen at 174.17 (daily high), above which the pair could target 174.88 (April 14 low). On the other hand, a break below 173.46 (38.2% of 188.81-163.98) would open doors for a slide to 171.69 (Jan 12 high).
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