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22 Mar 2016
GBP/JPY hits 20-day low
Fresh wave of selling in the already weakened British Pound, pushed the GBP/JPY cross to a 20-day low of 158.75 levels in the US session.
Terror attacks and Brexit fears weigh
GBP fell in early Europe after report of terror attacks in Brussels hit the wires. The resulting flight to safety also strengthened the Japanese Yen. Furthermore, slower-than-expected rise in inflation also weighed over Sterling.
Meanwhile, markets are also punishing Pound for growing prospects of Brexit. Consequently, the GBP/JPY cross fell to lowest since March 1 and appears on track to extend losses heading into the NY closing.
GBP/JPY Technical Levels
The immediate support is seen at 158.00 (zero figure), under which the cross could drop to 156.12 (Mar 1 low). On the flip side, a break above 159.51 (23.6% of 175.02-154.72) would open doors for a rise to 160.52 (5-DMA) levels.
Terror attacks and Brexit fears weigh
GBP fell in early Europe after report of terror attacks in Brussels hit the wires. The resulting flight to safety also strengthened the Japanese Yen. Furthermore, slower-than-expected rise in inflation also weighed over Sterling.
Meanwhile, markets are also punishing Pound for growing prospects of Brexit. Consequently, the GBP/JPY cross fell to lowest since March 1 and appears on track to extend losses heading into the NY closing.
GBP/JPY Technical Levels
The immediate support is seen at 158.00 (zero figure), under which the cross could drop to 156.12 (Mar 1 low). On the flip side, a break above 159.51 (23.6% of 175.02-154.72) would open doors for a rise to 160.52 (5-DMA) levels.