20 Jan 2016
GBP/JPY sees little action after UK data
FXStreet (Mumbai) - The GBP/JPY did not react much to the UK employment and wage growth data and continues to trade around 165.55 levels.
Bearish mood intact
The bearish mood surrounding the British Pound remains intact despite of a drop in the unemployment rate and a better-than-expected claimant count change. The average hourly earnings also slowed; however, the slowdown was not as sharp as expected.
Meanwhile, the bid tone around JPY also remains intact due to the risk aversion in the European equity markets.
GBP/JPY Technical Levels
The immediate resistance is seen at 165.12 (hourly 5-MA), above which the cross could target 167.04 (hourly 50-MA). A break below 163.88 (Feb 2014 low) would open doors for a drop to 159.51 (monthly 50-MA).
Bearish mood intact
The bearish mood surrounding the British Pound remains intact despite of a drop in the unemployment rate and a better-than-expected claimant count change. The average hourly earnings also slowed; however, the slowdown was not as sharp as expected.
Meanwhile, the bid tone around JPY also remains intact due to the risk aversion in the European equity markets.
GBP/JPY Technical Levels
The immediate resistance is seen at 165.12 (hourly 5-MA), above which the cross could target 167.04 (hourly 50-MA). A break below 163.88 (Feb 2014 low) would open doors for a drop to 159.51 (monthly 50-MA).