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GBP/JPY stalls around key resistance

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 22, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The GBP/JPY pair lacked strength to take out offers around 185.50-185.60 despite the sharp rise in the UK retail sales figure.

    Back below 50-DMA and 200-DMA

    The pair is now trading few pips below the 50-DMA and 200-DMA located at 185.37 and 185.40 levels respectively. The bid tone around Sterling gathered pace after strong data, pushing GBP/JPY to a session high of 185.56. However, the bid tone wasn’t strong enough to push it above the same.

    Moreover, the area around 185.50-185.60 has acted as a strong resistance in the last two trading sessions.

    GBP/JPY Technical Levels

    The immediate resistance is seen at 185.50-185.60, above which the pair could target 186.00 and 186.41 (23.6% of 180.36-188.28). Meanwhile, failure to rise above 185.50-185.60 could push the cross back to 185.00, under which 184.32 (50% of 180.36-188.28) could be tested.
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