Wednesday, November 11, 2015

GBP/JPY bounced-off 200-DMA ahead of UK data

FXStreet (Mumbai) - The GBP/JPY pair bounced-off its 200-DMA at 185.94 ahead of the employment data in the UK, which is known to alter BOE rate hike bets significantly.

Hits 5-day high

The cross hit a 5-day high of 186.70 earlier today, before trimming gains slightly to trade around 186.55 levels. The immediate focus is now on the UK data, which is expected to show the jobless rate remained unchanged at 5.4%, while the average earnings growth is likely to remain strong in three months to September.

GBP/JPY Technical Levels

The immediate resistance is seen at 187.00 handle, above which the pair could rise to 187.69 (Nov 5 high). A break above would expose 100-DMA at 188.01. On the other side, support is seen at 186.24 (hourly 50-MA) and 186.11 (hourly 200-MA), under which the cross could drop to 184.47 (50-DMA).
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