13 Jan 2015
GBP/JPY recovery once again stalled around 180.00 levels
FXStreet (Mumbai) - The GBP/JPY pair made another attempt at 180.00 levels, although momentum faded away leading to a fresh sell-off towards 179.40 levels.
The pair currently trades largely unchanged for the day at 179.42 levels. The pair already witnessed a failure near 180.00 levels earlier today post which it slumped to 178.46 levels on a weaker-than-expected UK CPI print. However, the recovery in the UK Gilt yield post CPI data helped GBP/JPY make another attempt at 180.00 levels. Moreover, the latest failure seen is surprising since the uptick in the US 10-yr yields failed to strengthen the USD/JPY pair. The 10-yr yield has recovered three basis points from the low of 1.864% to trade at 1.905%.
GBP/JPY Technical Levels
The immediate resistance is seen at 179.57 (hourly 50-SMA), above which the pair may re-test 179.97 (100-SMA). Meanwhile, support is seen at 179.14 and 178.46 levels.
The pair currently trades largely unchanged for the day at 179.42 levels. The pair already witnessed a failure near 180.00 levels earlier today post which it slumped to 178.46 levels on a weaker-than-expected UK CPI print. However, the recovery in the UK Gilt yield post CPI data helped GBP/JPY make another attempt at 180.00 levels. Moreover, the latest failure seen is surprising since the uptick in the US 10-yr yields failed to strengthen the USD/JPY pair. The 10-yr yield has recovered three basis points from the low of 1.864% to trade at 1.905%.
GBP/JPY Technical Levels
The immediate resistance is seen at 179.57 (hourly 50-SMA), above which the pair may re-test 179.97 (100-SMA). Meanwhile, support is seen at 179.14 and 178.46 levels.