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GBP/JPY retakes 170 handle

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 14, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The offered tone around the JPY strengthened, pushing the GBP/JPY cross above 170 handle in Europe.

    Trades above hourly 50-MA

    As of writing, the cross has taken out the hourly 50-MA located at 170.13 levels. The JPY came under pressure despite the drop in the Asian equities and weak Yuan, although the correction in the cross is a welcome move after a 1600-pip drop since December 14th.

    The Sterling traders would keep an eye on the BOE rate decision and hawkish/dovish hints in the minutes. Meanwhile, the action in the major European equities could influence JPY.

    GBP/JPY Technical Levels

    At 170.13, the pair faces immediate resistance at 170.62 (hourly 100-MA), above which the cross could target 171.29 (Jan 13 high). On the other hand, a failure to sustain above the hourly 50-MA at 170.13 would expose 168.83 (previous day’s low).
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