3 Feb 2015
GBP/JPY moves away from fresh 4-month lows
FXStreet (Mumbai) - GBP/JPY recovered from fresh month lows in the mid-European session on better than forecast UK construction PMI data
Heads towards daily highs at 176.74
Currently, the GBP/JPY cross traded at 176.41 levels, down -0.23% on the day, having plunged to fresh four month lows of 175.51 levels. The cross in GBP/JPY slid largely on the back of persistent weakness in the cable as it failed once again to sustain above 1.50 threshold. Moreover, a stronger yen versus the greenback amid risk-off moods also added to the losses in GBP/JPY cross As of writing, USD/JPY trades at 117.38 levels, down -0.14% on the day, while GBP/USD trades lower by -0.11% at 1.5026.
Meanwhile, traders now await a series of crucial UK economic releases and the Bank of England meeting later this week for further momentum on the cross.
GBP/JPY Levels to consider
To the upside, the next resistance is located at 177 and above which it could extend gains to at 177.73 levels. To the downside immediate support might be located at 176 levels below that at 175.51 levels.
Heads towards daily highs at 176.74
Currently, the GBP/JPY cross traded at 176.41 levels, down -0.23% on the day, having plunged to fresh four month lows of 175.51 levels. The cross in GBP/JPY slid largely on the back of persistent weakness in the cable as it failed once again to sustain above 1.50 threshold. Moreover, a stronger yen versus the greenback amid risk-off moods also added to the losses in GBP/JPY cross As of writing, USD/JPY trades at 117.38 levels, down -0.14% on the day, while GBP/USD trades lower by -0.11% at 1.5026.
Meanwhile, traders now await a series of crucial UK economic releases and the Bank of England meeting later this week for further momentum on the cross.
GBP/JPY Levels to consider
To the upside, the next resistance is located at 177 and above which it could extend gains to at 177.73 levels. To the downside immediate support might be located at 176 levels below that at 175.51 levels.