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9 Jan 2015
GBP/JPY drops on Yen strength
FXStreet (Mumbai) - The British pound ticked down against the Japanese counterpart in the late-Asian session, paring gains from the previous two-sessions as the yen bulls took charge as safe-haven demand returned.
Currently, the GBP/JPY pair traded at 180.17 levels, down -0.21% on the day, having posted day’s low at 179.95 levels. The cross in GBP/JPY advanced today largely on yen’s renewed strength as the Japanese currency recovered against the US dollar as the US NFP data is expected to come in lower than estimates which may weigh on the greenback. The cross also ignored lower than forecast Japan’s leading index data as it continues its upward momentum.
GBP/JPY Technical Levels
To the upside, the next resistance is located at 180.56 (5-DMA) and above which it could extend gains to 180.83 (100-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 180.17 levels, down -0.21% on the day, having posted day’s low at 179.95 levels. The cross in GBP/JPY advanced today largely on yen’s renewed strength as the Japanese currency recovered against the US dollar as the US NFP data is expected to come in lower than estimates which may weigh on the greenback. The cross also ignored lower than forecast Japan’s leading index data as it continues its upward momentum.
GBP/JPY Technical Levels
To the upside, the next resistance is located at 180.56 (5-DMA) and above which it could extend gains to 180.83 (100-DMA) levels. To the downside, immediate support might be located at 179.20 (Jan 6 Low) levels and below that at 178.50 levels.