8 Dec 2014
GBP/JPY trades near 6 year high, above 189 handle
FXStreet (Mumbai) - The Japanese yen extended losses from the session and continues to trade lower after Japan’s GDP print confirmed that the world's third-largest economy technically remains in recession - marked by two consecutive quarters of GDP contraction.
The GBP/JPY pair trades at 189.30 levels, after having recorded a high of 189.73 in the early Asian hours, marginally falling short of 6 year high at 189.86 (Oct 2008 Highs), at time of writing. The weak Japanese GDP numbers reinforced belief that the economic recovery still remains sluggish which pushed the yen down.
GBP/JPY Technical Levels
To the upside, the next resistance is located at 189.86 (Oct 2008 High) and above which it could extend gains to 193 (Sept 2008) levels. To the downside, immediate support might be located at 189 (Nov 24 Low) and below that at 188.41 (50-day SMA) and 187.67 (100-day SMA) levels.
The GBP/JPY pair trades at 189.30 levels, after having recorded a high of 189.73 in the early Asian hours, marginally falling short of 6 year high at 189.86 (Oct 2008 Highs), at time of writing. The weak Japanese GDP numbers reinforced belief that the economic recovery still remains sluggish which pushed the yen down.
GBP/JPY Technical Levels
To the upside, the next resistance is located at 189.86 (Oct 2008 High) and above which it could extend gains to 193 (Sept 2008) levels. To the downside, immediate support might be located at 189 (Nov 24 Low) and below that at 188.41 (50-day SMA) and 187.67 (100-day SMA) levels.