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GBP/JPY stuck between 184 and hourly 50-MA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 16, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - The GBP/JPY made a run at 184.00 but lacked strength to sustain above the same despite hawkish comments from BOE official Forbes.

    Supported by hourly 50-MA

    Despite being rejected at 184.00, the downside in the pair was restricted around its hourly 50-MA 183.85 levels. As of now, the cross appears stuck between the hourly 50-Ma and 184.00 handle.

    Sterling received a minor boost after BOE’s Forbes said rates need to rise sooner than later. However, the spike quickly ran into offers around 184.05. The pair now trades around 183.95 levels.

    GBP/JPY Technical Levels

    The immediate support is located at 183.85 (hourly 50-MA), followed by a support at 183.64 (hourly 200-MA) which, if taken out could push the cross lower to 183.00 handle. On the other hand, a break above 184.00 would open doors for a rise to 200-DMA located at 185.27.
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