20 Jan 2015
GBP/JPY stuck at 180.00 levels
FXStreet (Mumbai) - The GBP/JPY pair struggles to extend gains above 180.00 levels as the long duration bond yields in the UK erased gains.
The pair clocked a high of 180.25 before settling lower around 180.00 levels as the 10-yr Gilt in the yield cooled down 3.6 basis points from the high of 1.572% to the current level of 1.536%. Meanwhile, the 10-year treasury yield extended losses to trade 3.6 basis points to 1.78%, which supported gains in the Japanese Yen.
Moreover, the pair has been rejected twice around 180.10-180.20 area during the last week, post which it extended losses to 176.00 levels.
GBP/JPY Technical Levels
The pair has an immediate resistance located at 180.25, above which it could re-test 180.91 (100-DMA) levels. Meanwhile, support is seen at 179.70 and 179.56 levels.
The pair clocked a high of 180.25 before settling lower around 180.00 levels as the 10-yr Gilt in the yield cooled down 3.6 basis points from the high of 1.572% to the current level of 1.536%. Meanwhile, the 10-year treasury yield extended losses to trade 3.6 basis points to 1.78%, which supported gains in the Japanese Yen.
Moreover, the pair has been rejected twice around 180.10-180.20 area during the last week, post which it extended losses to 176.00 levels.
GBP/JPY Technical Levels
The pair has an immediate resistance located at 180.25, above which it could re-test 180.91 (100-DMA) levels. Meanwhile, support is seen at 179.70 and 179.56 levels.