GBP/JPY loses altitude, breaks below 140.00
The GBP/JPY pair is chipping away at the psychological support of 140.00 after having failed on Wednesday to capitalize on the sharp recovery from 139.94 levels.
The cross dropped to 139.90; its lowest level since November 29.
Rejected at 141.00
The pair failed at 141.00 levels earlier today on the back of a rise in demand for the Japanese Yen. Meanwhile, the British Pound ranks last on the wish list of the traders, courtesy of Brexit fears.
Consequently, the odds of the pair extending losses below 140.00 levels are high. The UK data docket is empty; hence the focus remains on the Fed speak and overall demand for the Yen.
GBP/JPY Technical Levels
A break below 139.42 (38.2% of 124.786 – 148.459) would open the doors to 139.00 (zero figure) and 138.52 (Nov 29 low). On the other hand, a break above 140.45 (50-DMA) would expose hurdle at 141.00 (zero figure) and 141.52 (200-DMA).
Author
Omkar Godbole
FXStreet Contributor
Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.
