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GBP/JPY rebounds from hourly 100-MA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    Sell-off in GBP/JPY stalled around hourly 100-MA level of 154.60, helping it move back above hourly 50-MA level of 154.93.

    Back above 155.00

    The cross jumped above 155.00 levels as GBP/USD finally managed to chew through hourly 200-MA resistance of 1.4166. However, USD/JPY pair is playing a spoil sport, given the pair has surrendered gains and is threatening to drop into losses.

    Losses in the European equities are keeping the Yen demand intact, although Pound is showing uncanny resilience to moderate risk-off in Europe.

    GBP/JPY Technical Levels

    A breakdown of immediate support at 154.63-154.44 (hourly 50-MA+ hourly 200-MA) would open doors for a test of 154.00 levels. On the other hand, resistance is seen at 155.31 (daily high), above which prices could test 155.82 (38.2% of 162.58-151.64). A break higher could yield 156.66 (Apr 5 high).
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