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GBP/JPY: Bullish move stalled around hourly 200-MA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 17, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The bullish momentum in the GBP/JPY cross appears to have run out of steam around hourly 200-MA located at 161.27 levels as Cable is struggling to break above 1.45 handle.

    Bid above 23.6% Fibo

    The pair ran into bids after it recovered above 159.51 (23.6% of 175.02-1.54.72). The subsequent bullish move took the cross higher to 164.58, before the momentum stalled and the cross fell back below hourly 100-MA level of 161.46 levels.

    The gains were being capped by USD/JPY’s sharp drop to fresh yearly low of 110.68 levels. Meanwhile, Cable also failed to chew through offers around 1.45 handle, thus limiting the upside in the GBP/JPY cross.

    GBP/JPY Technical Levels

    The immediate hurdle is seen at 161.58 (daily high), above which the cross could target 164.10 (Mar 11 high). On the flip side, a break below 161.00 (support on hourly chart) would open doors for a drop to 160.21 (hourly 50-MA).
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