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GBP/JPY hits fresh session highs, re-takes 157

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 20, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The cross in the GBP/JPY bounces-off daily lows and tries to recover lost ground somewhat following the release of weak UK labour market report.

    GBP/JPY eyes 157

    The GBP/JPY pair now drops 0.23% to 156.87, hitting fresh session highs. The GBP/JPY cross dipped to 156.33 lows, witnessing a knee-jerk downward spike on the release of disappointing UK jobs numbers, before finding some fresh bids at the last and now attempt a minor-recovery in a bid to conquer 157 barrier.

    The UK jobless claims change for March jumped to 6,700 from -9,300, while the unemployment rate remained at 5.1% in February. Average weekly earnings excluding bonuses for February stayed at 2.2% for February and the gauge including bonuses worsened from 2.1% to 1.8%.

    While on the other hand, the USD/JPY pair keeps wavering around 109 handle, largely unperturbed by lower European stocks as well oil prices. Moreover, S&P’s affirmation of Japan’s ratings at A+ and outlook at stable also failed to boost the JPY bulls.

    GBP/JPY Levels to consider

    The pair has an immediate resistance at 157 (round number) and from there to 157.71 (two-week tops). On the flip side, support is seen at 156 (psychological levels) below which it could extend losses to towards 155.23 (1h 100-SMA).
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