FXStreet (Mumbai) – The GBP/JPY pair recovered from the low of 193.83 to trade at 194.45 as the bid tone on the European currencies improved along with a rise in the EUR.
Trades above hourly 200-MA
The pair manages to take out the hourly 200-MA located at 194.31 as it recovered from the low of 193.83. The spot now trades closer to its 10-DMA at 194.54. The bid tone on the GBP improved as the common currency recovered losses to trade positive against the USD in the early European session.
Moreover, the uptick in the EUR amid Greek impasse also weighed over the traditional safe havens like the Japanese Yen.
GBP/JPY Technical Levels
The immediate resistance is located at 194.81 (5-DMA), above which gains could be extended to 195.55 (June 22 high). On the flip side, a break below 194.31 (hourly 200-MA) could push the pair back to 193.83.
(Market News Provided by FXstreet)