GBP/JPY struggles near 180.00 levels

Omkar Godbole FXStreet Contributor

FXStreet (Mumbai) - The GBP/JPY pair is struggling near 180.00 levels, after having failed to sustain gains above the same in the previous session.

UK data eyed

The pair is likely to see lackluster activity as the markets await the UK Trade balance data for December which is likely to show deficit increased to GBP 1700 million. Moreover, this is the third occasion within a month when the pair is attempting to rise above the 180.00 levels. The previous two attempts failed, leading to a sell-off to 176.00 levels.

The gains are also being capped due to caution ahead of the US Non-farm payroll data due at 13:30 GMT.

GBP/JPY Technical Levels

The pair currently trades 0.20% lower at 179.75 levels. The immediate resistance is seen at 180.52, above which gains could be extended to 181.32 (100-DMA) levels. On the flip side, support is seen at 179.40 and 179.00 levels.

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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