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GBP/JPY drops to fresh weekly lows near 184.50

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 cross in the GBP/JPY extends losses for the second straight session on Friday, experiencing sharp correction from seven-week highs reached on Thursday pre-BOE events.

    GBP/JPY trades way below hourly 5-DMA

    Currently, the GBP/JPY pair trades -0.35% lower at 184.49, unable to recover above 185 levels. The cross accelerated to the downside, after having failed to resist 185 handle, where the hourly 10-SMA intersects.

    The pair dived in the red, after the pound was heavily sold-off into the UK industrial production and trade balance data while USD/JPY strength also failed to limit the downside in GBP/JPY. Meanwhile, attention now remains on the payrolls data from the US for further momentum.

    GBP/JPY Technical Levels

    To the upside, the next resistance lies at 184.99/185 (hourly 10-SMA/ round number), above which it could extend gains to 185.61 (hourly 200-SMA). To the downside, the cross finds immediate support at 184.02 (Oct 29 Low), below that 183.78 (Oct 19 Low), could act as a major support.
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