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GBP/JPY finds support at 10-DMA ahead of UK data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 9, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The selling interest in the GBP/JPY pair ran out of steam around the 10-DMA Level of 159.57, although bulls remain on sidelines leaving the cross around 159.70 levels.

    Eyes UK data and European stock markets

    Sterling traders await the manufacturing production release in the UK. Going by the upbeat January PMI figures, the odds of a strong data are high. On the other hand, demand for Yen remains entirely dependent on the equity market sentiment.

    As of now, the major European index futures are pointing to a positive trading during the day ahead. Consequently, the cross has managed to stay above 10-DMA. In the NY session, the cross would be at the mercy of overall market sentiment, given the thin economic calendar in the US.

    GBP/JPY Technical Levels

    The immediate support is seen at 159.70 (10-DMA), under which the cross could drop to 158.55 (Feb 26 high). On the other hand, a break above 160 (zero figure) would expose 5-DMA at 160.91.
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