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GBP/JPY rejected at 187, drops to 20-DMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 23, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The solid rebound staged by GBP/JPY in Asia met fresh supply near 187 handle and the prices drifted lower thereafter, now trading near session lows.

    GBP/JPY drops as GBP weakens

    Currently, the GBP/JPY pair trades flat at 186.57, hovering close to fresh session lows struck at 186.52 last minutes. The cross failed to sustain at higher levels and reverted to Friday’s low near 186.50 largely on the back of renewed selling seen in the GBP/USD pair as markets continue to bid the greenback ahead of the Fed decision on discount rates today.

    However, the downside remains capped as the yen weakness across the board continues to underpin. Looking ahead, focus now remains on the today’s Fed announcement which will confirm a Dec Fed rate hike.

    GBP/JPY Technical Levels

    To the upside, the next resistance lies at 187.21 (1h 200-SMA), above which it could extend gains to 187.63 (1h 100-SMA). To the downside, the cross finds immediate support at 186.44 (Nov 20 Low), below that 185.91 (Nov 15 low), could act as a major support.
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