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GBP/JPY at session lows ahead of UK data

FXStreet (Mumbai) - The bid tone on the JPY spiked in Asia and strengthened further in Europe, sending the GBP/JPY pair to a session low of 185.26 levels.

Support at 38.2% retracement

The cross has found support at 185.26 (38.2% of 180.36-185.28). Japan’s Hamada was on the wires today, playing down the need to do more QQE, which added to the bullish momentum in Yen.

The focus now shifts to the UK data - the CBI Trends Survey figure for October, which is likely to show total orders and export orders deteriorated further on account of weak overseas demand.

GBP/JPY Technical Levels

At 185.38, the immediate resistance is seen at 185.49 (200-DMA), followed by a major hurdle at 186.41 (23.6% of 180.36-185.28). On the other side, support is seen at 185.26 and 185.04 (50-DMA). A break below the same would open doors for 184.32 (50% of 180.356-185.28).

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