Shares 102 Views

GBP/JPY: bearish consolidation around 200-DMA

The GBP/JPY pair ran through fresh offers near session peak near 140.75 area and dropped to 140.00 neighborhood, the lowest level since Jan. 18.

The pair, however, has managed to bounce off few pips from session lows and is currently trading at 140.40-45 band, around the very important 200-day SMA. A fresh wave of risk-off mood negated the disappointing release of yearly earnings data from Japan.  

Moreover, persistent selling pressure around the British Pound, against the backdrop of perceived dovish statement from BoE on Thursday and disappointing reading on the UK services sector out on Friday, also collaborated towards restricting any swift recovery. 

With an empty UK economic docket, the cross remains at the mercy of broader market risk-sentiment that would derive the Japanese Yen’s safe-haven demand and provide some impetus for short-term traders. 

Technical levels to watch

A follow through selling pressure below 140.00 psychological mark would confirm a break-down and turn the pair vulnerable to head back towards 139.00 round figure mark with some intermediate support near 139.65-60 region. 

On the upside, recovery momentum above session peak resistance near 140.75 level, leading to a subsequent strength above 141.00 level, is likely to get extended towards 141.35 resistance, en-route 142.00 handle.

You may be interested

shares19 views

Insurance Giant Allianz Is Testing a Token to Move Money Internally

Brian Evans - Apr 19, 2018

Allianz is testing a blockchain token to move money between its global affiliates.

shares32 views

SEC Subpoenas Riot Blockchain Over Cryptocurrency Plans

Brian Evans - Apr 19, 2018

Various worrisome trends involving blockchain technology exist as of right now. One of the more popular solutions for struggling firms is to announce blockchain or cryptocurrency plans.…

Altcoin News
shares21 views

Social Snafu: Twitter Verifies a Scam Verge Cryptocurrency Account

Brian Evans - Apr 19, 2018

The official Verge account, meanwhile, has yet to get its blue badge. A fraudulent Twitter account is making the rounds in the cryptocurrency market, with anonymous cryptocurrency Verge…

Most from this category

%d bloggers like this: