GBP/JPY Surrenders Gains, Trades Below 155.00
GBP/JPY now trades largely unchanged on the day around 154.90 after having ran into offers around 155.31 levels.
Trades around hourly 50-MA
The
cross is currently trading around its hourly 50-MA level. Moderate
weakness in the major Asian equity markets and signs of similar weakness
in the European equity futures is keeping Yen well bid in early Europe.
Meanwhile,
a tie between ‘leave’ vote and ‘stay vote’ highlighted by latest Brexit
polls is also keeping a lid on GBP gains. Consequently, the cross is
looking to cut through hourly 50-MA and take a dip towards hourly 200-MA
and 50-MA confluence around 154.55-154.50.
GBP/JPY Technical Levels
A
breakdown of immediate support at 154.55-154.50 (hourly 200-MA+ hourly
50-MA) would open doors for a test of 154.00 levels. On the other hand,
resistance is seen at 155.31 (daily high), above which prices could test
155.82 (38.2% of 162.58-151.64). A break higher could yield 156.66 (Apr
5 high).
(Market News Provided by FXstreet)
