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GBP/JPY losses more than 150 pips

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - GBP/JPY continued to decline and bottomed at 183.75 hitting the lowest level since October 16. It bounced modestly to the upside afterwards and it was trading at 184.25/30, down 0.70% for the day.

    GBP/JPY: Hit on two directions


    The pound is among the worst performers in the market and is falling against its European counterparts. EUR/GBP jumped approaching 07300 while GBP/USD dropped below 1.5000. On the other side, the yen is one of the top performers, boosted by economic data from Japan and risk aversion across financial markets.

    GBP/JPY: Testing important support

    The pair so far has been able to rise back above 184.00. The area around 184.00 is a relevant area, that since mid-October limited the downside. A daily close significantly below could open the doors for a continuation of the decline with a potential target at 183.10 (August low) and 182.30.

    On the opposite direction, if it rises back above 186.00 -186.30 (December highs / 20-day moving average) the pound could remove bearish momentum.
    For more information, read our latest forex news.
     

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