GBP/JPY clocks fresh 2016 low

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 6, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    GBP/JPY cross clocked a fresh 2016 low of 154.64 as GBP was met with another wave of selling in the early US session.

    Trades around 155.00

    A minor recovery has pushed the cross back to 155.00 levels as sterling bears are having a breather. The data docket in the US is light and hence the cross remains at the mercy of overall demand/supply of British Pounds.

    Later in the day, Fed march meeting minutes could influence the FX markets if it manages to surprise markets with hawkish/dovish surprise.

    GBP/JPY Technical Levels

    Acceptance below daily low of 154.64 would open doors for a drop to 154.00, under which a next major support is seen directly at 150.00 handle. On the higher side, a break above 155.29 (monthly 100-MA) would expose 156.00 levels. A break higher would expose 157.15 (hourly 50-MA).
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