GBP/JPY drops to 50-DMA ahead of NFP

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 6, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The offered tone on the GBP continued to gather pace throughout Europe, pushing the GBP/JPY pair to its 50-DMA at 184.33 levels.

    Pair down 300-pips

    The GBP/JPY pair topped out around 187.50 after the BOE surprised markets with its dovish tone. A weaker Q3 highlighted by the UK data released today further added to the bearish momentum and pushed the across to 184.33 levels.

    The focus now is on the US Non-farm payrolls report, which could alter Fed December rate hike bets and influence FX markets. Moreover, Sterling is heading in the data as one of the weakest major currencies.

    GBP/JPY Technical Levels

    The immediate support is seen at 184.32 (50% of 180.36-188.28), under which the losses could be extended to 184.00 handle. On the higher side, a break above 185.25 (38.2% of 180.36-188.28) would open doors for a re-test of 185.82 (200-DMA).
    For more information, read our latest forex news.

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