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GBP/JPY bounced-off 200-DMA ahead of UK data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 11, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The GBP/JPY pair bounced-off its 200-DMA at 185.94 ahead of the employment data in the UK, which is known to alter BOE rate hike bets significantly.

    Hits 5-day high

    The cross hit a 5-day high of 186.70 earlier today, before trimming gains slightly to trade around 186.55 levels. The immediate focus is now on the UK data, which is expected to show the jobless rate remained unchanged at 5.4%, while the average earnings growth is likely to remain strong in three months to September.

    GBP/JPY Technical Levels

    The immediate resistance is seen at 187.00 handle, above which the pair could rise to 187.69 (Nov 5 high). A break above would expose 100-DMA at 188.01. On the other side, support is seen at 186.24 (hourly 50-MA) and 186.11 (hourly 200-MA), under which the cross could drop to 184.47 (50-DMA).
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