GBP/JPY drops for sixth consecutive session

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 9, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The GBP/JPY pair is down for the sixth consecutive session as the risk-off in the markets increased demand for safe haven JPY.

    Off lows and above 165.00

    The cross hit a low of 164.55 before trimming losses to trade around 165.27 levels. The safe haven assets strengthened and rightfully so since the European equities dropped. The US equities too have begun the day on a negative note.

    Meanwhile, the risk-off also takes BOE away from the rate hike. Hence, Pound has been unable to gain despite an upbeat UK trade deficit figures released earlier today.

    GBP/JPY Technical Levels

    The immediate support is seen at 164.55 (daily low), under which the losses could be extended to 163.98 (Jan 20 low). On the other hand, a break above 166.29 (Jan 18 low) would expose 167.19 (daily high).
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