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GBP/JPY: Breaks uptrend line and suffers worst weekly result since Sep

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 27, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - GBP/JPY posted on Friday the lowest daily close in a month and ended below 185.00. During the American session, the pair trimmed losses but failed to rise back above 185.00. It was about to end trading around 184.70. Earlier it bottomed at 184.25, the lowest level since October 28.

    GBP/JPY: Worst week since September

    The pair moved all week with a bearish bias, as it continued to retreat after hitting last week at 188.80 the highest level in three months. From those highs it has fallen more than 400 pips.

    On Monday the pair dropped below the daily 20-MA and also broke an uptrend line that was supporting the pound, originated at October lows. The yen accelerated below the trendline and extended losses.

    Technical indicators in the daily chart now favor the bearish side, with Momentum below 100 and price under the daily 20 and 200-MA that stands at 186.20/30. The immediate support area could be seen at 184.20 (November lows), 183.80 (Oct 27 & 28 low / 61.8% Fibonacci retracement of 180.50 – 188.80) and 183.00. It the pound rises back above 186.30 it could recover strength.

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