GBP/JPY finds bids around 50% Fibo

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 29, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The GBP/JPY pair found takers below 156.36 (50% of 116.84-195.88) as the selling frenzy in Sterling came to halt in Asia today.

    Hovers around 157.00

    The cross clocked a high of 157.19 before falling back to trade around 157.00 levels. The upside now is being capped by signs of risk-off in Europe. The major European markets are down almost 1%, consequently, the bid tone around JPY is gaining traction.

    However, markets seem to have done with GBP selling for now. Hence, the pair remains around 157.00 levels.

    GBP/JPY Technical Levels

    The immediate resistance is seen at 157.72 (5-DMA), above which the gains could be extended to 159.62 (10-DMA). On the other hand, a break below 156.36 (50% of 116.84-195.88) would open doors for a drop to 154.72 (Feb 24 low).
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