10 Mar 2015
GBP/JPY rejected at 184 handle
FXStreet (Mumbai) - GBP/JPY extends its uptrend for the second straight session, largely on the back of yen weakness offsetting losses in the cable.
GBP/JPY supported above 10-DMA
Currently, the GBP/JPY cross traded at 183.68 levels, up 0.21% on the day, quickly retreating from fresh weekly highs recorded at 183.92 levels. The cross in GBP/JPY edged higher mainly due a falling Japanese yen against the US dollar amid higher USD bids on generalized risk-on trades.
However, the gains in GBP/JPY remained capped under 184 handle as the pound gave back previous gains and fell against the US dollar on profit-taking.
As of writing, USD/JPY trades higher by 0.48% at 121.74 levels, while GBP/USD trades lower by -0.12% at 1.5085.
GBP/JPY Levels to consider
To the upside, the next resistance is located at 184 and above which it could extend gains to at 184.50 levels. To the downside immediate support might be located at 183.39 (10-DMA) levels below that at 183.06 (100-DMA) levels.
GBP/JPY supported above 10-DMA
Currently, the GBP/JPY cross traded at 183.68 levels, up 0.21% on the day, quickly retreating from fresh weekly highs recorded at 183.92 levels. The cross in GBP/JPY edged higher mainly due a falling Japanese yen against the US dollar amid higher USD bids on generalized risk-on trades.
However, the gains in GBP/JPY remained capped under 184 handle as the pound gave back previous gains and fell against the US dollar on profit-taking.
As of writing, USD/JPY trades higher by 0.48% at 121.74 levels, while GBP/USD trades lower by -0.12% at 1.5085.
GBP/JPY Levels to consider
To the upside, the next resistance is located at 184 and above which it could extend gains to at 184.50 levels. To the downside immediate support might be located at 183.39 (10-DMA) levels below that at 183.06 (100-DMA) levels.