GBP/JPY tests supply around 127.00

Sterling popped in Asia on unexplained reasons, pushing the GBP/JPY toa  high of 127.03 levels before backing off to 126.80 levels.

Trades around confluence of 1-hr 50-MA & 100-MA

The cross was last seen trading around 126.86, which marks the confluence of hourly 50-MA and hourly 100-MA. The pop in GBP in Asia once again lacked fundamental trigger, although the gains in the pair are being capped by moderate weakness in the Dollar-Yen pair.

Later in the day, UK consumer price index is due for release and is likely to show the cost of living spiked in September on account of the weakness in Cable and rise in oil prices. The data could affect the overall demand for the British Pound.

GBP/JPY Technical Levels

A break above 127.00 (zero figure) would expose 127.87 (10-DMA) above which gains could be extended to 128.61 (Oct 10 high). On the other hand, a breakdown of support at 126.46 (session low) could yield a re-test of 126.00, under which losses could be extended to 124.82 (Oct 11 low).

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