Monday, November 23, 2015

GBP/JPY rebounds in Asia, nears hourly 200-SMA

FXStreet (Mumbai) - The cross in the GBP/JPY halted a 2-day decline and rebounded higher this session, with the bulls struggling hard to take out 187 levels.

GBP/JPY capped within a rising channel on daily sticks

Currently, the GBP/JPY pair trades 0.22% higher at 186.94, hovering close to fresh session highs reached at 186.98 last minutes. The cross ran through fresh bids near 186.45 region and swung back higher, now attempting to regains 187 handle.

The cross traders firmer mainly driven by a weaker yen against the greenback after the USD remains strongly bid back by growing Fed rate hike expectations. While the GBP/USD pair trades broadly muted around 1.5175 levels with all eyes set on today’s Fed announcement and a set of US macro updates.

GBP/JPY Technical Levels

To the upside, the next resistance lies at 187.21 (1h 200-SMA), above which it could extend gains to 187.63 (1h 100-SMA). To the downside, the cross finds immediate support at 186.44 (today’s low), below that 185.91 (Nov 15 low), could act as a major support.
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