GBP/JPY: Bullish Move Stalled Around Hourly 200-MA
The bullish momentum in the GBP/JPY cross appears to have run out of steam around hourly 200-MA located at 161.27 levels as Cable is struggling to break above 1.45 handle.
Bid above 23.6% Fibo
The pair ran into bids after it recovered above 159.51 (23.6% of 175.02-1.54.72). The subsequent bullish move took the cross higher to 164.58, before the momentum stalled and the cross fell back below hourly 100-MA level of 161.46 levels.
The gains were being capped by USD/JPY’s sharp drop to fresh yearly low of 110.68 levels. Meanwhile, Cable also failed to chew through offers around 1.45 handle, thus limiting the upside in the GBP/JPY cross.
GBP/JPY Technical Levels
The immediate hurdle is seen at 161.58 (daily high), above which the cross could target 164.10 (Mar 11 high). On the flip side, a break below 161.00 (support on hourly chart) would open doors for a drop to 160.21 (hourly 50-MA).
(Market News Provided by FXstreet)
