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GBP/JPY erases gains

FXStreet (Mumbai) - The Pound has erased gains against the Yen, taking the GBP/JPY pair down towards 182.00 levels.

The demand for GBP has been depressed by the Bank of England’s dovish quarterly inflation report released yesterday. Meanwhile, the Yen has strengthened against the greenback, pushing the USD/JPY lower to 115.56 levels from the day’s high of 115.88 levels. Thus, the GBP/JPY cross is being pressurized from both ends. However, the decline the pair has been stalled a couple of times around 182.00 levels yesterday.

GBP/JPY Technical levels

The pair has an immediate support located at 181.95, under which it can extend the fall to 181.72 and 181.04 levels. On the flip side, a breach of immediate resistance at 182.76, shall open doors for a re-test of 183.30 levels.

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