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20 Apr 2015
GBP/JPY back above 50-week average
FXStreet (Mumbai) - The fresh bid wave in the GBP helped the GBP/JPY pair recover above the 50-week average located at 177.51, although the Yen’s safe haven appeal ensures the pair remains 0.17% weak for the day.
Supported at 177.20
The pair was supported at 177.20 levels earlier today, post which the pair recovered to trade at 177.75 levels. Amid the absence of a fresh economic data, the UK election uncertainty and weak Gilt yields are likely to influence the pair. The UK 10-year yield fell 1.4 basis points to 1.571%, which caps gains in the GBP.
At the moment, the pair appears stuck at the hourly 50-MA located at 177.77. Earlier today, the pair had clocked a high of 17818 levels.
GBP/JPY Technical Levels
The immediate resistance is located at 177.77 (hourly 50-MA), above which gains could be extended to 178.18. On the flip side, a break below 177.53 (5-DMA) and 176.93 (10-DMA).
Supported at 177.20
The pair was supported at 177.20 levels earlier today, post which the pair recovered to trade at 177.75 levels. Amid the absence of a fresh economic data, the UK election uncertainty and weak Gilt yields are likely to influence the pair. The UK 10-year yield fell 1.4 basis points to 1.571%, which caps gains in the GBP.
At the moment, the pair appears stuck at the hourly 50-MA located at 177.77. Earlier today, the pair had clocked a high of 17818 levels.
GBP/JPY Technical Levels
The immediate resistance is located at 177.77 (hourly 50-MA), above which gains could be extended to 178.18. On the flip side, a break below 177.53 (5-DMA) and 176.93 (10-DMA).