GBP/JPY trims gains near 184.50, risk-off resurfaces

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 12, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The cross in the GBP/JPY cross halted its winning streak just below 185 handle and is now seen consolidating near the mid-point of the 184 handle.

    GBP/JPY trades above the daily pivot

    Currently, the GBP/JPY pair trades 0.11% higher at 184.46, easing-off fresh session lows reached at 184.70 levels in last hours. The GBP/JPY struggles on the bids as a renewed buying wave hit the Japanese yen amid resurfacing risk-off trades on the back of sliding major European indices.

    While the losses in the cross remains restricted, as the pound continues to keep the edge over the greenback and hovers above the 200-DMA.

    In the day ahead, GBP/JPY will remain influenced by the broader market sentiment amid lack of fresh fundamental news to lead the way.

    GBP/JPY Technical Levels

    To the upside, the next resistance is located at 184.70-90 (Today’s High & Today’s High) levels and above which it could extend gains to 184.17 (Hourly 50-SMA) below that at 183.72 (hourly 100-SMA) levels.
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