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GBP/JPY above 187... but can it hold?

FXStreet (London) - GBP/JPY has gained as the yen weakens, with spot trying to close above the 187 mark.

The pair was reject at the 187 level on 31 Dec 2014, but has returned for a retest. Spot is presently trading at 187.07, up 0.25% on the days trading so far today.

The hourly FXStreet OB/OS Index is showing overbought conditions, alongside the FXStreet Trend Index which is slightly bulish.

Currently RSI is at 69.35, up from the last hourly print at 60.80, with ADX at 17.88, down from its previous close at 29.36. RSI is neutral at 55.01, according to the daily chart. The 200 SMA is currently at 186.21, down from 186.91 at the last period close, and declining on the hourly GBP/JPY chart.

On average, the exponential closing price for the past 20 days is 186.28, with the trend indicating a continuation higher ahead. 2-Standard Deviation Volatility Bandwidth is presently at 87 pips and shrinking on the hourly GBP/JPY chart, while the ATR (14) is currently at 5 pips. Daily 2-Standard Deviation Volatility Bandwidth is at 531 pips and shrinking.

GBP/JPY Levels

With spot trading at 187.20, we can see next resistance ahead at 187.22 (Daily High), 187.25 (Weekly High), 187.34 (Daily Classic R3), 187.40 (Weekly Classic R1) and 187.40 (Weekly Classic R2). Support below can be found at 187.11 (Daily Classic R2), 186.92 (Daily Classic R1), 186.91 (Hourly 200 SMA), 186.90 (Yesterday's High) and 186.87 (Daily Open).

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USD/JPY has managed to push above 120 again, trading at 120.06, up 0.24% on the day.
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EUR/USD has posted a low at 1.2051 before retracing losses to where it is presently trading at 1.2063, down -0.3% on the day.
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