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23 Oct 2015
GBP/JPY surrenders gains, trades below 186.00
FXStreet (Mumbai) - The Japanese Yen staged a comeback, pushing the GBP/JPY pair back to square one and below 186.00 handle despite uptick in Asian equities.
Rejected at 186.18
The cross ran into offers at a high of 186.18 in Asia. The uptick in the equities due to ECB words kept the Yen under pressure. However, the GBP/USD failed to take out key fib resistance at 1.5414, while the Yen recovered losses, pushing the GBP/JPY cross to a 185.70-185.80 range.
In the European session, the preliminary EZ PMIs could trigger big moves in the EUR/USD and accordingly set the tone in the FX markets.
GBP/JPY Technical Levels
The immediate resistance is located at 186.18 (daily high), above which gains could be extended to 187.02 (Sep 22 high). On the lower side, the cross could find support at 185.45 (200-DMA) and 184.50 (Oct 22 low).
Rejected at 186.18
The cross ran into offers at a high of 186.18 in Asia. The uptick in the equities due to ECB words kept the Yen under pressure. However, the GBP/USD failed to take out key fib resistance at 1.5414, while the Yen recovered losses, pushing the GBP/JPY cross to a 185.70-185.80 range.
In the European session, the preliminary EZ PMIs could trigger big moves in the EUR/USD and accordingly set the tone in the FX markets.
GBP/JPY Technical Levels
The immediate resistance is located at 186.18 (daily high), above which gains could be extended to 187.02 (Sep 22 high). On the lower side, the cross could find support at 185.45 (200-DMA) and 184.50 (Oct 22 low).