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GBP/JPY rebounds from 8-week lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 10, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - GBP/JPY managed to erase most of the losses and climbed back above 184.00.

    GBP recovers

    The pound fell across the board after the Bank of England announced its decision on monetary policy and released the minutes of the meeting. GBP/JPY dropped quickly to 183.36, hitting the lowest level since October 16 but then rebounded.

    From the lows the pair rose more than a hundred pips and found resistance at the 20-hour moving average located at 184.45. Currently it trades at 184.10/15, down 0.1% for the day.

    Another rejection from below 184.00

    The pair has been able to rise back above the 184.00 handle that since mid-October is limiting the downside. A significant close considerably below could open the doors for a continuation of the decline.

    On a wider perspective, the pair still holds a bearish tone but as long as price remains above 184.00, there will be some chances of a bullish correction, that would gain potential it price rises and holds above 185.10.
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