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8 Jan 2015
GBP/JPY trades below at 5-DMA
FXStreet (Mumbai) - The British pound ticked higher against the Japanese counterpart in the early European morning, bouncing-back from fresh two-month lows reached yesterday.
Currently, the GBP/JPY pair traded at 180.60 levels, up 0.23% on the day, having posted day’s low at 180.10 levels. The cross in GBP/JPY advanced today largely on yen weakness as the yen was seen in red against the US dollar after rebound in global equities and oil prices refuelled risk-on trades, dulling the safe-haven appeal of the Japanese currency. Moreover, the weakness seen in the GBP/USD pair did little to erase the gains in the cross.
The USD/JPY pair trades at 119.89, higher by 0.55% on the day, while GBP/USD traded lower by -0.30% at 1.5067 levels, at time of writing.
GBP/JPY Technical Levels
To the upside, the next resistance is located at 181 and above which it could extend gains to 182.16 (5-DMA) levels. To the downside, immediate support might be located at 179.20 (Jan 6 Low) levels and below that at 178.50 levels.
Currently, the GBP/JPY pair traded at 180.60 levels, up 0.23% on the day, having posted day’s low at 180.10 levels. The cross in GBP/JPY advanced today largely on yen weakness as the yen was seen in red against the US dollar after rebound in global equities and oil prices refuelled risk-on trades, dulling the safe-haven appeal of the Japanese currency. Moreover, the weakness seen in the GBP/USD pair did little to erase the gains in the cross.
The USD/JPY pair trades at 119.89, higher by 0.55% on the day, while GBP/USD traded lower by -0.30% at 1.5067 levels, at time of writing.
GBP/JPY Technical Levels
To the upside, the next resistance is located at 181 and above which it could extend gains to 182.16 (5-DMA) levels. To the downside, immediate support might be located at 179.20 (Jan 6 Low) levels and below that at 178.50 levels.