6 Apr 2015
GBP/JPY strengthens in a holiday-thinned trade
FXStreet (Mumbai) - The GBP/JPY pair begun the week on a positive note, after having ended the previous week with moderate gains. The trading activity appears subdued to Easter holiday in the UK and other European countries.
GBP/JPY: supported by 50-week moving average
The pair bounced-off from the 50-WMA located at 177.31, after having ended above the same in the previous week. The Japanese Yen weakened slightly amid the absence of fresh cues from the major equity markets across Asia and Europe. Meanwhile, the Pound remains supported by a weaker-than-expected non-farm payrolls data released in the US on Friday.
The pair clocked a low of 117.19, before recovering above the 50-WMA to trade at 177.60. We could see a rise the volatility as we move towards the US ISM non-manufacturing release in the US later today.
GBP/JPY Technical Levels
The immediate resistance is seen at 178.15 (hourly 100-MA), above which gains could be extended to 180.07. On the flip side, support is located at 177.31 (50-WMA) and 176.46 (March 26th low).
GBP/JPY: supported by 50-week moving average
The pair bounced-off from the 50-WMA located at 177.31, after having ended above the same in the previous week. The Japanese Yen weakened slightly amid the absence of fresh cues from the major equity markets across Asia and Europe. Meanwhile, the Pound remains supported by a weaker-than-expected non-farm payrolls data released in the US on Friday.
The pair clocked a low of 117.19, before recovering above the 50-WMA to trade at 177.60. We could see a rise the volatility as we move towards the US ISM non-manufacturing release in the US later today.
GBP/JPY Technical Levels
The immediate resistance is seen at 178.15 (hourly 100-MA), above which gains could be extended to 180.07. On the flip side, support is located at 177.31 (50-WMA) and 176.46 (March 26th low).