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GBP/JPY bounces-off 20-DMA, recovers to 183.50

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - The cross in the GBP/JPY tries to recover lost ground somewhat, and regained 183 handle, mainly driven by the renewed strength seen in the pound versus the US dollar.

    GBP/JPY testing H1 R1

    Currently, the GBP/JPY pair trades -0.24% lower at 183.50, recovering from a brief dip to session lows of 182.94, where the 20-DMA coincides. The GBP/JPY cross pares losses as the GBP/USD pair picked-up strength and retests 1.55 handle.

    While the yen also trimmed gains versus the US dollar as the risk-on rally in the European stocks reduced the demand for safe-haven currencies such as the Japanese yen.

    Markets now shift their attention towards the key US data flow amid lack of fresh fundamental triggers this session.

    GBP/JPY Technical Levels

    To the upside, the next resistance is located at 184 (round number) levels and above which it could extend gains to 184.35-38 (Oct 13,14 & Today’s High). While on the flipside, a break below 182.94 (20-DMA), the prices could fall further to 182.25 (Oct 14 Low) levels.
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