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GBP/JPY trims gains, sits above 165.00

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The GBP/JPY cross trimmed gains to trade around 165.00 after it failed to take out the resistance at 165.69 (38.2% of 2011 low-2015 high).

    Equities keep JPY under pressure

    The corrective rally in the Asian and European equities is keeping the JPY under pressure. Still, the cross failed to take out 165.69 as Brexit fears capped demand for Sterling. Nevertheless, the demand for safe havens has been low today.

    Consequently, the pair has been able to restrict losses around 164.80 levels in Europe. As of now, the pair is trading around 165.05 levels.

    GBP/JPY Technical Levels

    The immediate resistance is seen at 165.69 (38.2% of 2011 low-2015 high), above which the spot could target 166.98 (Jan 26 low). On the other hand, a break below 164.63 (support on hourly chart) could see the cross fall back to 163.98 (Jan 20 low).
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