GBP/JPY: Bearish momentum stalls near 23.6% Fibo level

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 7, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The bears gained an upper hand on Monday, but failed to push the GBP/JPY cross below 160.32 (23.6% of 175.02-155.78) levels.

    Four-day rally stalled

    Sterling’s four-day winning streak against the Yen came to halt as risk-off in Europe strengthened the bid tone around JPY. Cable also failed to capitalize on the five day winning streak as the greenback made a comeback following Friday’s sell-off.

    However, Yen remained resilient due to risk-off in equities and Kuroda’s hawkish comments. The GBP/JPY cross currently trades around 160.70 levels.

    GBP/JPY Technical Levels

    The immediate support is seen at 160.32 (23.6% of 175.02-155.78), under which the cross could drift lower to 158.82 (10-DMA). On the other hand, a break above immediate hurdle at 161.65 (Feb 12 low) would shift risk in favor of a rise to 163.13 (38.2% of 175.02-155.78).
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