GBP/JPY flirting with 184 ahead of BOE

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 8, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The cross in the GBP/JPY wiped-out entire losses and swung into the green zone, rising above 184 handle ahead of the BOE rate decision and the minutes.

    GBP/JPY rises from hourly 50-SMA

    Currently, the GBP/JPY pair trades 0.12% higher at 184.06, testing fresh 2-week highs at 184.10. The GBP/JPY cross stages a solid comeback from the hourly 50-SMA support located near 183.35 levels and now heads higher above the 184 mark.

    The cross turned positive mainly driven by renewed strength in the GBP/USD pair, despite wide expectations that the BOE will offer no new surprises at the upcoming rate decision and the minutes.

    However, the upside remains restricted as the yen remains bid versus the US dollar amid risk-off market profile ahead of the key Fed minutes due for release later today.

    GBP/JPY Technical Levels

    To the upside, the next resistance is located at 184.10/09 (Oct 7 & Today’s High) levels and above which it could extend gains to 184.44 (daily R1) levels. To the downside, the immediate support might be located at 183.73 (20-DMA) below that at 183.37/35 (Hourly 50-SMA & Today’s Low) levels.
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