6 Mar 2015
GBP/JPY recovers slightly
FXStreet (Mumbai) - The GBP/JPY pair recovered from the low of 182.22 after the better-than-expected jobs report in the US led to relatively sharp drop in the Japanese Yen against the US dollar.
GBP/JPY: recovers stalled at hourly 50-MA
The recovery was stalled at the hourly 50-MA located at 182.79 as the British Pound is under pressure due to falling inflation expectations. Still, the pair managed to recover from the low of 182.22 to trade at 182.52 levels, as the Japanese Yen dropped relatively sharply against the USD post the NFP release. The pair could drop back to 182.00 levels if the Treasury yields in the US erase gains, thereby strengthening the Japanese Yen.
GBP/JPY Technical Levels
The immediate resistance is seen at 182.79 (hourly 50-MA), above which gains could be extended to 183.39 (hourly 10-MA). On the flip side, support is seen at 182.00 and 181.51 levels.
GBP/JPY: recovers stalled at hourly 50-MA
The recovery was stalled at the hourly 50-MA located at 182.79 as the British Pound is under pressure due to falling inflation expectations. Still, the pair managed to recover from the low of 182.22 to trade at 182.52 levels, as the Japanese Yen dropped relatively sharply against the USD post the NFP release. The pair could drop back to 182.00 levels if the Treasury yields in the US erase gains, thereby strengthening the Japanese Yen.
GBP/JPY Technical Levels
The immediate resistance is seen at 182.79 (hourly 50-MA), above which gains could be extended to 183.39 (hourly 10-MA). On the flip side, support is seen at 182.00 and 181.51 levels.