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GBP/JPY clocks fresh 2-1/2 year low

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 7, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    GBP/JPY slide continues with prices trading at a 2-1/2 year low of 153.80 levels. The cross is down for the third consecutive session.

    Trading around 154.00

    The cross currently trades around 154.00 levels. It is an open ground for JPY bulls now, given the BOJ and Japanese government officials are in no hurry to intervene in order to stall JPY rise. Policymakers have also talked about economy’s resilience to further appreciation in Yen.

    Furthermore, Brexit fears not only add to bearish pressure around the cross, but also make it one of the most volatile pairs to trade.

    GBP/JPY Technical Levels

    The immediate support is seen at 153.80 (daily low), under which the cross could drop to 153.00. A violation there would expose 150.00 levels. Conversely, acceptance above 154.52 (hourly chart resistance) could shift risk in favor of a rise to 155.33 (hourly chart resistance) and 156.00 levels.
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