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GBP/JPY surrendering gains in US session

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 9, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The GBP/JPY pair is trimming gains in the US session; now approaching the hourly 100-MA located at 186.12.

    Rejected at 186.61

    The pair took out the 200-DMA in Europe to hit a session high of 186.61, following which a profit taking on USD/JPY longs pushed the GBP/JPY cross lower to 186.33 levels. The GBP/USD pair also failed to sustain above 1.51 handle.

    Moreover, the Yen was the only major currency under pressure in Asia. The GBP and the EUR managed to take back a minor part of their losses suffered on Friday. Ahead in the day, the sentiment on Wall Street could affect demand for the safe haven Yen.

    GBP/JPY Technical Levels

    At 186.33, the immediate support is located at 186.12 (hourly 100-MA), under which the losses could be extended to 185.79 (hourly 200-MA). A break below the same would expose 185.25 (38.2% of 180.36-188.28). On the higher side, resistance is seen at 186.41 (23.6% of 180.36-188.28) and 187.01 (Sep 22 high).
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