GBP/JPY sees a relief rally, but struggles around hourly 50-MA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 25, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The seven day sell-off in the GBP/JPY pair came to a halt in Asia, however, the bullish momentum is not strong enough to keep the pair above its hourly 50-MA at 156.69.

    Nikkei closed higher, Yen dipped

    Offered tone around Yen strengthened as the Japanese share average Nikkei ended the day higher. Oil prices remained calm as well. Hence, the haven demand for the Yen dipped. The USD/JPY pair rose to 112.50 levels.

    Meanwhile, Cable has been able to avoid fresh sell-off, consolidating in a narrow range of 1.3950-1.3920. Hence, the GBP/JPY cross managed to score gains. As of writing, the pair traded around 156.50 levels.

    GBP/JPY Technical Levels

    The immediate hurdle is seen at 156.69 (hourly 50-MA), above which the cross could target 157.12 (daily high). On the other hand, a break below 156.40 (hourly 10-MA) would open doors for a slide to 156.00 levels.
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