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GBP/JPY flirts with 182.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 18, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The bid tone on the JPY stays intact after Kuroda said the today’s action was not additional easing, leaving the GBP/JPY cross around 182.00 levels.

    Fresh two-month low

    The cross clocked a fresh two-month low of 181.85 levels a few minutes back. BOJ’s Kuroda repeated the old script with respect to the economy and policy and thus markets had little reasons to offer Yen again. Meanwhile, the bid tone on the JPY remains largely intact as Kuroda said the measures announced today is not additional easing.

    Meanwhile, the drop in the USD/JPY pair also helped the GBP advance against the USD. Consequently, the losses in the GBP/JPY cross are being restricted around 182.00 levels.

    GBP/JPY Technical Levels

    The immediate support is seen at 181.84 (Oct 13 low), under which the losses could be extended to 180.66 (Oct 2 low). A break lower would expose 180-179.84 (76.4% of 174.88-195.88). On the other hand, a break above 182.12 (Nov 14 low) would expose 182.90 (61.8% of 174.88-195.88).
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