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Sterling sell-off continues, GBP/JPY drops to fresh 29-month low

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 24, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    Sterling sell-off continued in Europe, pushing the GBP/JPY pair to a fresh 29-month low of 155.14 levels.

    Offered below monthly 100-MA

    The cross was offered once it breached the monthly 100-MA located at 156.61 levels. Investors continue to get scared out of sterling positions on Brexit fears. Meanwhile, the bid tone around the safe haven JPY strengthened on account of the oil-led risk-off in the European equities.

    Ahead in the day, the cross remains at the mercy of the broader market sentiment and Brexit fears. It remains to be seen if the US desks join the GBP selling party.

    GBP/JPY Technical Levels

    The cross currently trades around 155.31 levels. The immediate resistance is seen at 156.00 (5-MA on hourly), above which the pair could target 156.61 (monthly 100-MA). On the other hand, a break below 155.00 would expose 154.22 (Jun 2013 high).
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