GBP/JPY rejected at 38.2% Fib

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 26, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The GBP/JPY pair lost momentum as it neared 185.63 (38.2% of 180.66-186.80) and turned lower to trade near 185.00 levels in Europe.

    Supported by hourly 50-MA

    The cross found support at its hourly 50-MA located at 185.07 amid signs of strength in the European stocks. The pan-European Euro Stoxx 50 index is up 0.30% in early session and that is keeping the gains in the Yen restricted.

    At the moment, the cross is trading around 185.15 and could continue to track the movement in the equity markets.

    GBP/JPY Technical Levels

    The immediate resistance is located at 185.79 (hourly 100-MA0, above which the gains could be extended to 188.00. On the other side, a break below 185.07 (hourly 50-MA) and 184.32 (Nov 24 low).
    For more information, read our latest forex news.

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