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GBP/JPY nears 38.2% Fibo resistance

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 29, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    GBP/JPY pair regained bid tone following a minor bout of weakness in Europe and is now looking to test 162.47 (38.2% of 175.02-154.72).

    Trades at two-week high

    At 162.20, the cross is trading at its highest since March 15th. British Pound came under selling pressure in early Europe, owing to which the cross suffered minor drop to 161.34 levels.

    However, the offered tone around GBP ran out of steam, making way for a recovery and an eventual move higher as even JPY selling remained intact. Risk-on activity in the European equity markets is also adding to the bearish tone around Yen.

    GBP/JPY Technical Levels

    The immediate hurdle at 162.47 (38.2% of 175.02-154.72) if taken out shall open doors for a test of 50-DMA of 163.54 levels. Conversely, a break below daily low of 161.34 would expose 160.38 (5-DMA) support.
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