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20 May 2015
GBP/JPY rejected at 188.00
FXStreet (Mumbai) - The GBP/JPY was offered at the daily high of 188.00, thereby pushing the pair lower to its 5-DMA at 187.61.
GBP/JPY: Heading towards resistance zone
The pair rose from the low of 187.10 after the BOE minutes, however, the upside was stalled at 188.00 levels. Moreover, the pair was heading towards a resistance zone of 188.25-188.60 levels. The gains were capped at 188.00 as the GBP/USD pair ran into offers around 1.5530 levels. On the other hand, USD/JPY pair dipped below 121.00 levels on speculation of dovish Fed minutes.
GBP/JPY Technical Levels
The immediate resistance is located at 188.00, above which multiple hurdles are seen in a range of 188.25-188.60. On the other hand, a break below 187.61 (5-DMA), could drive the pair lower to 187.34 (10-DMA).
GBP/JPY: Heading towards resistance zone
The pair rose from the low of 187.10 after the BOE minutes, however, the upside was stalled at 188.00 levels. Moreover, the pair was heading towards a resistance zone of 188.25-188.60 levels. The gains were capped at 188.00 as the GBP/USD pair ran into offers around 1.5530 levels. On the other hand, USD/JPY pair dipped below 121.00 levels on speculation of dovish Fed minutes.
GBP/JPY Technical Levels
The immediate resistance is located at 188.00, above which multiple hurdles are seen in a range of 188.25-188.60. On the other hand, a break below 187.61 (5-DMA), could drive the pair lower to 187.34 (10-DMA).