28 Nov 2014
GBP/JPY falls below 5-DMA
FXStreet (Mumbai) - The British Pound erased part of its gains against he Japanese Yen to trade below the 5-DMA level located at 185.55.
The GBP/JPY pair now trades 0.12% up at 185.51 levels, after having declined from the day’s high of 185.91. The British Pound has come under pressure after the Organization of Petroleum Exporting Countries (OPEC) group’s decision to hold production levels unchanged pushed Brent Crude below USD 72/barrel. Moreover, falling Crude prices shall not only lead to disinflation, but shall also hurt the performance of the Oil and Gas sector in the UK.
Meanwhile, the Japanese Yen weakened slightly against the US dollar, which capped losses in the GBP/JPY pair. Yen came under pressure after the official data in Japan highlighted weak domestic demand.
GBP/JPY Technical Levels
The pair has an immediate support located at 184.72 (10-DMA) under which prices can extend the drop to 184.00 levels. Meanwhile, resistance is seen at 185.55 (5-DMA) and 185.91 levels.
The GBP/JPY pair now trades 0.12% up at 185.51 levels, after having declined from the day’s high of 185.91. The British Pound has come under pressure after the Organization of Petroleum Exporting Countries (OPEC) group’s decision to hold production levels unchanged pushed Brent Crude below USD 72/barrel. Moreover, falling Crude prices shall not only lead to disinflation, but shall also hurt the performance of the Oil and Gas sector in the UK.
Meanwhile, the Japanese Yen weakened slightly against the US dollar, which capped losses in the GBP/JPY pair. Yen came under pressure after the official data in Japan highlighted weak domestic demand.
GBP/JPY Technical Levels
The pair has an immediate support located at 184.72 (10-DMA) under which prices can extend the drop to 184.00 levels. Meanwhile, resistance is seen at 185.55 (5-DMA) and 185.91 levels.