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GBP/JPY rises above hourly 200-MA ahead of UK data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 2, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The GBP/JPY pair rose above its hourly 200-MA located at 185.44 levels ahead of the UK construction PMI data release.

    Supported by 5-DMA

    The cross bounced-off its 5-DMA located at 185.16 levels. The GBP/USD pair was relatively resilient in Asia, while the USD/JPY pair rose back above 123.00 levels, tracking the gains in the long-duration treasury yields.

    The focus now is on the UK construction PMI for the month of November. The headline figure is seen dropping slightly to 58.6 by market consensus, from that of its previous month's 58.8 reading.

    GBP/JPY Technical Levels

    At 185.50, the immediate resistance is seen at 186.00 (38.2% of 188.81-184.25), above which the cross may target 200-DMA at 186.22. On the other hand, a break below hourly 200-MA at 185.44 would open doors for a re-test of strong support on the hourly chart at 184.95.
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