GBP/JPY testing hourly 200-SMA, eyes 186

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 2, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The cross in the GBP/JPY found renewed strength near 5-DMA located at 185.11 and swung back higher to session highs near 185.50 levels.

    GBP/JPY trades above 10-DMA

    Currently, the GBP/JPY pair trades 0.09% higher at fresh session highs near 185.50, testing hourly 200-SMA barrier at 185.53. The GBP/JPY cross extends its recovery from 185 levels and now aims higher, largely on the back of renewed selling in the yen versus the greenback.

    Moreover, persisting weakness in GBP/JPY on weak UK manufacturing PMI report continues to weigh on the investors’ sentiment. Moving on, markets now await the UK construction PMI (58.4 vs. 58.8 exp.) due later this session for further momentum.

    GBP/JPY Technical Levels

    To the upside, the next resistance lies at 186.05 (Dec 1 High), above which it could extend gains to 186.23 (20-DMA). To the downside, the cross finds immediate support at 185.09 (1h 100-SMA), below that 184.50 (round number), could act as a major support.
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