GBP/JPY – Selling Again Staling at 23.6% Fibo
GBP/JPY ran into offers near 154.00, but the subsequent sell-off is once again struggling to take out 154.23 (23.6% of 162.60-151.64).
Yen gaining after earthquake news
Japan
has been hit by largest earthquake since 2011 and that has strengthened
the bid tone around Yen. Moreover, repatriation of overseas income to
fund rehabilitation effort increases demand for Yen.
Meanwhile,
Cable failed to take out hourly 200-MA again despite dovish commentary
from Fed officials and slower rise in inflation. Consequently, the cross
fell from 154.93 to 154.23 levels.
GBP/JPY Technical Levels
Acceptance
below 154.23 (23.6% of 162.60-151.64 + hourly 100-MA) would expose key
support at 153.50 (Apr 12 low). On the other hand, a break above 155.15
(10-DMA) would shift risk in favor of a rise to 155.82 (38.2% of
162.60-151.64).
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