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GBP/JPY hovers around 50% fib level

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 28, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - The GBP/JPY is trading in the sideways manner around 184.32, which is the 50% fib retracement of 180.358-188.282.

    BOJ officials talked up Yen

    The Japanese Yen advanced on Tuesday as the BOJ officials talked down the need to do more QE ahead of the decision on Friday. Meanwhile, Sterling was ditched after the preliminary Q3 GDP printed lower than estimated.

    Consequently, the GBP/JPY pair fell to 183.93 on Tuesday, before recovering today to trade around 184.32 levels. With an empty economic calendar, the pair could be influenced by the action in the European stocks.

    GBP/JPY Technical Levels

    The immediate resistance is seen at 184.65 (50-DMA), above which the pair could rise to 185.25 (38.2% of 180.358-188.282). On the other hand, a failure to sustain above 184.32 could open doors for a drop to 183.70 (rising trend line support) and 183.38 (61.8% of 180.358-1882.282).
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