GBP/JPY drops to 100-DMA and recovers to hourly 50-MA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 19, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The GBP/JPY pair fell to a low of 187.56 (below its 100-DMA at 187.56) before trimming losses to trade around its hourly 50-MA at 187.84 levels.

    GBP trims losses

    The drop in the October UK retail sales saw GBP fell sharply across the board before taking back part of its losses. The cross was already on a losing streak, trading below 188.00 handle as markets were expecting a negative retail sales print. However, the losses were extended further as the drop was higher than expected.

    GBP/JPY Technical Levels

    At 187.84, the immediate support is seen at 187.66 (100-DMA), under which the losses could be extended to 187.24 (5-DMA). On the other side, resistance is seen at 188.00 handle, followed by a hurdle at 188.39 (previous day’s high). A break above the same would expose 188.80 (daily high).
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