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29 Dec 2014
GBP/JPY retreats, support at 5-DMA
FXStreet (Mumbai) - The British pound erased gains against the Japanese counterpart from the early Asian morning, as the Japanese yen reversed from two-week low levels against the US dollar.
Currently, the GBP/JPY pair trades moderately higher at 187.33 levels, up 0.10% on the day, retreating from day’s high of 187.80 levels. The cross in GBP/JPY remains under pressure as the Japanese currency rebounds against the US dollar from two-week lows of 120.83 and hits fresh daily high of 120.18, gaining 0.10% on the day.
GBP/JPY Technical Levels
To the upside, the next resistance is located at 187.51 (Dec 23 High) and above which it could extend gains to 188 levels. To the downside, immediate support might be located at 187.21 (5-DMA) and below that at 186.65 (20-DMA) levels.
Currently, the GBP/JPY pair trades moderately higher at 187.33 levels, up 0.10% on the day, retreating from day’s high of 187.80 levels. The cross in GBP/JPY remains under pressure as the Japanese currency rebounds against the US dollar from two-week lows of 120.83 and hits fresh daily high of 120.18, gaining 0.10% on the day.
GBP/JPY Technical Levels
To the upside, the next resistance is located at 187.51 (Dec 23 High) and above which it could extend gains to 188 levels. To the downside, immediate support might be located at 187.21 (5-DMA) and below that at 186.65 (20-DMA) levels.