GBP/JPY clocks daily high above 168.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The GBP/JPY cross rose to a session high of 168.15 levels as the rally in the European equities reduced demand for the safe haven Yen.

    Back below 168.00

    Profit taking on the GBP shorts pushed cable above 1.43 for a brief moment, while the USD/JPY pair rallied to 117.43. Consequently, the GBP/JPY cross rose to a high of 168.15 levels before falling back below 168.00 levels.

    Moreover, the cable ran into offers at 1.4232 and hence the cross turned lower from 168.15 to trade around 167.80 levels.

    GBP/JPY Technical Levels

    The immediate resistance is seen at 168.39 (hourly 50-MA). A break higher would expose 169.23 (hourly 100-MA). On the other side, a break below hourly chart support at 167.50 would open doors for a re-test of 166.24 (Jan 15 low).
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