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15 Sep 2015
GBP/JPY minor recovery stalling
FXStreet (Guatemala) - GBP/JPY is currently trading at 184.70 with a high of 186.11 and a low of 184.21.
GBP/JPY has garnered support on the 200 SMA at 184.29 and was up to test the 20 SMA on the hourly and same time frame as the 200 SMA at 184.89 on a minor recovery since the BoJ last night left policy unchanged and failed indicate that further QQE was on the way.
The BoJ was maintaining an upbeat overall picture of the economy, despite the recent risks emerging from the Chinese debacle. However, analysts at BBH noted that if incoming economic data in the months ahead continues to disappoint expectations it could still prompt a shift to looser BoJ policy by year end weighing on the yen.
GBP/JPY levels
Technically, GBP/JPY needs to break the 50 SMA on the hourly chart to off-set the downside pressures from above the 186.20 mark and allow potential from 185.36 to the upside. To the downside, the 200 SMA on the same time frame guards 182.0 and uptrend from below 180.50.
GBP/JPY has garnered support on the 200 SMA at 184.29 and was up to test the 20 SMA on the hourly and same time frame as the 200 SMA at 184.89 on a minor recovery since the BoJ last night left policy unchanged and failed indicate that further QQE was on the way.
The BoJ was maintaining an upbeat overall picture of the economy, despite the recent risks emerging from the Chinese debacle. However, analysts at BBH noted that if incoming economic data in the months ahead continues to disappoint expectations it could still prompt a shift to looser BoJ policy by year end weighing on the yen.
GBP/JPY levels
Technically, GBP/JPY needs to break the 50 SMA on the hourly chart to off-set the downside pressures from above the 186.20 mark and allow potential from 185.36 to the upside. To the downside, the 200 SMA on the same time frame guards 182.0 and uptrend from below 180.50.