20 Mar 2015
GBP/JPY retreats from 178.75
FXStreet (Mumbai) - GBP/JPY broke its side trend and jumped to fresh highs in the European session, largely on yen weakness. While, the pound remains little affected by a better than estimates current account reading from the UK.
GBP/JPY rises from 178.30 levels
Currently, the GBP/JPY cross edged higher by 0.14% and trades at 178.49, quickly retracing from fresh highs at 178.78 hit post data release. The cross in GBP/JPY edged higher largely on the back of renewed weakness in the yen across the board as markets witness a fresh bout of yen selling, taking the USD/JPY pair above 121 handle.
Meanwhile, the gains in GBP/JPY remains capped as the sterling continue to remain under pressure, despite a generalized weakness seen in the greenback.
GBP/JPY Levels to consider
To the upside, the next resistance is located at 178.78 (Today’s High) and above which it could extend gains to at 179 levels. To the downside immediate support might be located at 178 levels below that at 177.66 levels.
GBP/JPY rises from 178.30 levels
Currently, the GBP/JPY cross edged higher by 0.14% and trades at 178.49, quickly retracing from fresh highs at 178.78 hit post data release. The cross in GBP/JPY edged higher largely on the back of renewed weakness in the yen across the board as markets witness a fresh bout of yen selling, taking the USD/JPY pair above 121 handle.
Meanwhile, the gains in GBP/JPY remains capped as the sterling continue to remain under pressure, despite a generalized weakness seen in the greenback.
GBP/JPY Levels to consider
To the upside, the next resistance is located at 178.78 (Today’s High) and above which it could extend gains to at 179 levels. To the downside immediate support might be located at 178 levels below that at 177.66 levels.