Should prices reverse lower, immediate support could come from the 20-day SMA at 167.10 ahead of the 50-day SMA at 165.27. A drop below this area would take the pair closer to the 162.95 barrier and the 200-day SMA currently at 162.60. Further losses would open the way towards the 159.70 bottom, while a breach of this level would shift the outlook from positive to neutral.
To the upside, there is immediate resistance just above the 169.00 psychological mark, while above that, the next major resistance to watch is the almost seven-year peak of 172.10. If there are further advances, the bulls may extend the upside move towards the inside swing low from April 2015 at 175.00.
GBPJPY maintains weak bias in near-term; broader trend is bullish
US dollar capped its losses Thursday after tumbling over 1% on the release of the FOMC meeting minutes.
The US dollar regained its composure on the Fed minutes release which raised…