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GBP/JPY lowest since Nov 2013, eyes 157

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 23, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The cross in the GBP/JPY prolongs its downward trajectory for the sixth straight session today, with the sentiment soured by global risk-aversion and looming Brexit concerns.

    GBP/JPY back below 158 handle

    The GBP/JPY pair plunges -1.25% at fresh more than 2-year lows of 157.77. The cross manages to recover some ground somewhat and now struggles to extend the recovery beyond 158 handle, with markets digesting the comments from BOE Governor Carney as he testified on inflation and the economic outlook before the Parliament's Treasury Committee.

    On the other hand, the yen continues to remain strongly bid against the greenback as risk-off moods persist in full swing amid sliding European stocks as well as oil prices. Markets now await a string of US economic updates for further cues on the GBP cross.

    GBP/JPY Levels to consider

    The pair has an immediate resistance at 158.54 (daily S1), above which 159/159.09 (round number/ 1h 20-SMA) would be tested. On the flip side, support is seen at 157 (Nov 2013 Low) below which it could extend losses to towards 156.59 (Nov 2013 Low).
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