GBP/JPY Stuck at Hourly 100-MA
Short unwind in GBP/JPY that gathered pace in Europe appears to have come to halt around hourly 100-MA located at 154.03 levels.
Profit taking after 1000-pip drop
The
cross suffered more than 1000 pip drop during last week’s Yen rally.
The cross topped out at a high of 162.58 levels (Mar 30 high) following
which the Yen rally resumed, taking the cross to a low of 151.65 (Apr 7
low).
Consequently, the pair was oversold and thus a corrective
rally is being witnessed today. Moreover, the the recovery is also
helping the GBP/USD rise.
GBP/JPY Technical Levels
The
pair currently trades around 153.90. The immediate hurdle is noted at
154.03 (hourly 100-MA), above which the pair may test supply around
154.72 (Feb 24 low). Conversely, a break below hourly 50-MA at 152.74
would expose 151.64 (Apr 7 low).
(Market News Provided by FXstreet)
