5 Mar 2015
GBP/JPY recovers losses
FXStreet (Mumbai) - The GBP/JPY pair has recovered from the low of 182.37 seen earlier today to trade at the session high of 182.88, in a largely technical driven move.
GBP/JPY: Back above Fibo level
The pair is back above the 50% Fib retracement (189.68-175.48) located at 182.58. The pair recovered from the lows despite of a lackluster action in the UK Gilt yields. The 10-year yield stays flat around 1.877%. The pair also lacked fresh fundamental trigger in the form of economic data out of the UK. Hence, the recovery is likely to be a technical driven. The hourly RSI had hit a oversold zone after the pair fell to 182.50 levels in the previous session.
GBP/JPY Technical Levels
The immediate resistance is seen at 183.03 9100-DMA), above which gains could be extended to 183.69 (5-DMA). On the flip side, support is seen at 182.58 and 182.00 levels.
GBP/JPY: Back above Fibo level
The pair is back above the 50% Fib retracement (189.68-175.48) located at 182.58. The pair recovered from the lows despite of a lackluster action in the UK Gilt yields. The 10-year yield stays flat around 1.877%. The pair also lacked fresh fundamental trigger in the form of economic data out of the UK. Hence, the recovery is likely to be a technical driven. The hourly RSI had hit a oversold zone after the pair fell to 182.50 levels in the previous session.
GBP/JPY Technical Levels
The immediate resistance is seen at 183.03 9100-DMA), above which gains could be extended to 183.69 (5-DMA). On the flip side, support is seen at 182.58 and 182.00 levels.