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GBP/JPY drops to 50-DMA ahead of NFP

FXStreet (Mumbai) - The offered tone on the GBP continued to gather pace throughout Europe, pushing the GBP/JPY pair to its 50-DMA at 184.33 levels.

Pair down 300-pips

The GBP/JPY pair topped out around 187.50 after the BOE surprised markets with its dovish tone. A weaker Q3 highlighted by the UK data released today further added to the bearish momentum and pushed the across to 184.33 levels.

The focus now is on the US Non-farm payrolls report, which could alter Fed December rate hike bets and influence FX markets. Moreover, Sterling is heading in the data as one of the weakest major currencies.

GBP/JPY Technical Levels

The immediate support is seen at 184.32 (50% of 180.36-188.28), under which the losses could be extended to 184.00 handle. On the higher side, a break above 185.25 (38.2% of 180.36-188.28) would open doors for a re-test of 185.82 (200-DMA).

Canada unemployment rate not expected to change much for October

Unemployment Rate in Canada averaged 7.72 per cent from 1966 until 2015. Following gains of 63,000 (+0.4%) in the first quarter, and 33,000 (+0.2%) in the second quarter, employment grew by 31,000 (+0.2%) in the third quarter of 2015. In the 12 months to September, employment increased by 161,000 (+0.9). In this period the total number of hours worked increased by 1.1%. That there was a full-time employment gain in 2015 was a little surprising as it did not echo the broader performance of the economy.
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