GBP/JPY clocks 9-day high

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The GBP/JPY pair regained bid tone as it recovered from the Asian session low to hit a 9-day high of 161.44 levels.

    JPY offered as Asian equities strengthened

    The Japanese Yen dropped in Asia as the risk-on the Asian equities kept the funding currency on a back foot. China’s equity market strengthened 0.5%, followed by a 0.30% gain in Japan’s Nikkei index. Consequently, the cross recovered from the low of 160.41.

    Currently, the upside is being capped by flat activity in the major European equity index futures. Ahead in the day, the US non-farm payrolls data release could influence the risk sentiment and influence demand for JPY.

    GBP/JPY Technical Levels

    The cross currently trades around 161.30. The immediate hurdle is seen at 161.65 (Feb 12 low), ahead of the barrier at 163.13 (38.2% of 175.02-155.78). On the other hand, a break below 160.32 (23.6% of 175.02-155.78) would open doors for a slide to 158.67 (10-DMA).
    For more information, read our latest forex news.

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