26 Mar 2015
GBP/JPY back above 177.00
FXStreet (Mumbai) - The better-than-expected UK retail sales data released today helped the GBP/JPY pair recover losses above 177.00 levels.
GBP/JPY: Back above 50-week average
The pair has also recovered above the 50-week average located at 177.04 levels. The British Pound caught a fresh bid wave after the data released in the US showed retail sales in February rose 5.7% year-on-year and 0.7% month-on-month. However, the recovery may be stalled around the current level of 177.24, since the Japanese Yen is likely to remain strong ahead amid risk aversion in equities and due to Japanese financial year end repatriation flows.
GBP/JPY Technical Levels
The immediate resistance is seen at 177.50, above which gains could be extended to 178.21 (5-DMA). On the flip side, a break below 177.04 (50-week MA), could push the pair back to the daily low of 176.50.
GBP/JPY: Back above 50-week average
The pair has also recovered above the 50-week average located at 177.04 levels. The British Pound caught a fresh bid wave after the data released in the US showed retail sales in February rose 5.7% year-on-year and 0.7% month-on-month. However, the recovery may be stalled around the current level of 177.24, since the Japanese Yen is likely to remain strong ahead amid risk aversion in equities and due to Japanese financial year end repatriation flows.
GBP/JPY Technical Levels
The immediate resistance is seen at 177.50, above which gains could be extended to 178.21 (5-DMA). On the flip side, a break below 177.04 (50-week MA), could push the pair back to the daily low of 176.50.