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GBP/JPY surrenders gains, trades below 155.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    GBP/JPY now trades largely unchanged on the day around 154.90 after having ran into offers around 155.31 levels.

    Trades around hourly 50-MA

    The cross is currently trading around its hourly 50-MA level. Moderate weakness in the major Asian equity markets and signs of similar weakness in the European equity futures is keeping Yen well bid in early Europe.

    Meanwhile, a tie between ‘leave’ vote and ‘stay vote’ highlighted by latest Brexit polls is also keeping a lid on GBP gains. Consequently, the cross is looking to cut through hourly 50-MA and take a dip towards hourly 200-MA and 50-MA confluence around 154.55-154.50.

    GBP/JPY Technical Levels

    A breakdown of immediate support at 154.55-154.50 (hourly 200-MA+ hourly 50-MA) would open doors for a test of 154.00 levels. On the other hand, resistance is seen at 155.31 (daily high), above which prices could test 155.82 (38.2% of 162.58-151.64). A break higher could yield 156.66 (Apr 5 high).
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