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15 Jan 2015
GBP/JPY trims gains; hovers around 179 handle
FXStreet (Mumbai) - The British pound rebounded from three-month low versus the Japanese counterpart and trades higher supported by weakness in yen.
Currently, the GBP/JPY pair traded at 178.95 levels, up 0.11% on the day, having posted day’s high at 179.59 earlier in the day. The cross in GBP/JPY erased previous session’s gains and manages to remain in green largely on yen weakness after Bank of Japan (BOJ) Governor praised Japanese QQE program. The upside in GBP/JPY looks limited as the sterling resumed its slide versus the US dollar.
Moreover, the pair also faces a stiff resistance at 5-DMA located at 179.14 levels. A break above 179.14 may push the pair higher to retest intraday high of 179.59 levels.
GBP/JPY Technical Levels
To the upside, the next resistance is located at 179.14 (5-DMA) and above which it could extend gains to 179.80 (10-DMA) levels. To the downside, immediate support might be located at 178.06 levels and below that at 176.89 (200-DMA) levels.
Currently, the GBP/JPY pair traded at 178.95 levels, up 0.11% on the day, having posted day’s high at 179.59 earlier in the day. The cross in GBP/JPY erased previous session’s gains and manages to remain in green largely on yen weakness after Bank of Japan (BOJ) Governor praised Japanese QQE program. The upside in GBP/JPY looks limited as the sterling resumed its slide versus the US dollar.
Moreover, the pair also faces a stiff resistance at 5-DMA located at 179.14 levels. A break above 179.14 may push the pair higher to retest intraday high of 179.59 levels.
GBP/JPY Technical Levels
To the upside, the next resistance is located at 179.14 (5-DMA) and above which it could extend gains to 179.80 (10-DMA) levels. To the downside, immediate support might be located at 178.06 levels and below that at 176.89 (200-DMA) levels.