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GBP/JPY boasts a Doji candle on the daily chart

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 15, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The GBP/JPY pair is trading largely unchanged after having clocked a daily high and low of 183.65 and 182.58 respectively.

    UK data ignored

    The upbeat UK CPI figure was largely ignored by the Sterling traders, leaving the GBP/USD pair largely unaffected around 1.5150 levels. Meanwhile, USD/JPY recovered off lows to trade around 121.00 levels, thereby helping the GBP/JPY cross move off lows to trade largely unchanged on the day around 183.25 levels.

    GBP/JPY Technical Levels

    The Doji candle represents the indecisiveness in the markets following the six-day losing streak. The immediate support is seen at 182.90 (61.8% of 174.88-195.88), under which the pair could drop to 182.12 (previous day’s low). On the other side, a break above 183.37 (Dec 10 low) would expose 184.02 (23.6% of 195.88-180.36).
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