FXStreet (Mumbai) – The bid tone on the GBP improved in early Europe, sending the GBP/JPY pair to a 4-day high of 184.40 levels.
Will it extend gains further?
Since Tuesday, the cross has had a hard time taking out offers in the range of 184.30-184.40. The pair tested 184.40 today, but ahead eased back slightly to trade around 184.35 levels. The cross bounced-off from its 5-DMA and 10-DMA support earlier today.
Furthermore, the UK economic calendar is empty, while BOJ’s Kuroda speech could turn out to be non-event. Thus, the odds of an upside break in the cross are high.
GBP/JPY Technical Levels
At 184.35, the immediate resistance is seen at 184.43 (Sep 25 high), above which the pair could target 185.00 levels. On the other side, failure to sustain above 184.30 could trigger a fresh sell-off to its 10-DMA at 183.56 levels.
(Market News Provided by FXstreet)