GBP/JPY fails to take out hourly 100-MA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 17, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - The better-than-expected UK retail sales number failed to see the GBP/JPY cross sustain above the hourly 100-MA at 183.40 levels.

    Hourly 100-MA, a tough nut to crack

    The cross has repeatedly failed to take out/sustain above the hourly 50-MA since December 8th. The UK retail sales were expected to rebound into the positive territory and thus the cross printed a high of 183.64 levels.

    The data beat the estimates, but the cross fell back below the hourly 100-MA again. The pair is now trading around 183.10 levels.

    GBP/JPY Technical Levels

    The immediate support is seen at 183.00, under which the pair could drop to 182.42 (Dec 16 low). A break lower would expose 182.12 (Dec 14 low). On the other hand, an hourly close above 183.40 (hourly 100-MA) would expose 184.11 (hourly 200-MA).
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