27 Jan 2015
GBP/JPY gains capped by 20-DMA
FXStreet (Mumbai) - The Japanese yen advanced against the British pound in the European session largely as the yen rebounded versus the US dollar.
Currently, the GBP/JPY traded at 178.34 levels, down -0.13% on the day. The cross in GBP/JPY edged lower largely as the yen strengthened versus the US dollar after the Japanese economy minister Amari said that there is no rigid deadline set for the Bank of Japan's (BoJ) 2% inflation target to be achieved. Moreover, the cross remains under pressure ahead of price pressures print from the UK.
As of writing, GBP/USD trades at 1.5102 higher by 0.19% on the day, while the yen trades higher by 0.31% against the USD at 118.09 levels.
GBP/JPY Technical Levels
To the upside, the next resistance is located at 179 and above which it could extend gains to 179.26 levels. To the downside, immediate support might be located at 177.45 levels and below that at 177.15 levels.
Currently, the GBP/JPY traded at 178.34 levels, down -0.13% on the day. The cross in GBP/JPY edged lower largely as the yen strengthened versus the US dollar after the Japanese economy minister Amari said that there is no rigid deadline set for the Bank of Japan's (BoJ) 2% inflation target to be achieved. Moreover, the cross remains under pressure ahead of price pressures print from the UK.
As of writing, GBP/USD trades at 1.5102 higher by 0.19% on the day, while the yen trades higher by 0.31% against the USD at 118.09 levels.
GBP/JPY Technical Levels
To the upside, the next resistance is located at 179 and above which it could extend gains to 179.26 levels. To the downside, immediate support might be located at 177.45 levels and below that at 177.15 levels.