GBP/JPY clocks 4-day high

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 28, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    Offered tone around JPY strengthened, pushing the GBP/JPY pair to a four-day high of 160.77 levels.

    Treasury yields rise, Yen drops

    Rise in the US treasury yields following an upwardly revised US Q4 GDP released on Friday is keeping the Yen under pressure. Consequently, the USD/JPY pair rose for the 7th consecutive session today.

    Meanwhile, the Cable is trading higher amid holiday thinned volumes in Europe, thus pushing the GBP/JPY cross higher to 160.77 levels.

    GBP/JPY Technical Levels

    The immediate hurdle is seen at 161.56 (Feb 17 low), above which the cross could target 162.47 (38.2% of 175.02-154.72). On the other hand, a breakdown of immediate support at 160.13 (hourly 200-MA) would expose 159.78 (hourly 50-MA).
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