GBP/JPY fails to take out hourly 100-MA

By FXStreet FXStreet (Mumbai) – The better-than-expected UK retail sales number failed to see the GBP/JPY cross sustain above the hourly 100-MA at 183.40 levels.

Hourly 100-MA, a tough nut to crack

The cross has repeatedly failed to take out/sustain above the hourly 50-MA since December 8th. The UK retail sales were expected to rebound into the positive territory and thus the cross printed a high of 183.64 levels.

The data beat the estimates, but the cross fell back below the hourly 100-MA again. The pair is now trading around 183.10 levels.

GBP/JPY Technical Levels

The immediate support is seen at 183.00, under which the pair could drop to 182.42 (Dec 16 low). A break lower would expose 182.12 (Dec 14 low). On the other hand, an hourly close above 183.40 (hourly 100-MA) would expose 184.11 (hourly 200-MA).
For more information, read our latest forex news. …read more

Source:: FX Street