GBP/JPY retakes 160.00 handle ahead of UK data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 9, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The buying interest in Sterling spiked ahead of the UK data release, pushing the GBP/JPY pair back above 160.00 levels.

    Trades positive on the day

    The cross now trades moderately positive on the day near 160.20 levels. The offered tone around JPY also weakened as European stocks strengthened in anticipation of ECB’s big bazooka tomorrow.

    Sterling is being pushed higher as well as markets price-in the possibility of a better-than-expected manufacturing production, given the January manufacturing PMI had printed at 3-month high.

    GBP/JPY Technical Levels

    The immediate support is seen at 159.70 (10-DMA), under which the cross could drop to 158.55 (Feb 26 high). On the other hand, a break above 5-DMA at 160.91 would expose 161.56 (Feb 17 low).
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