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GBP/JPY stands on slippery ground near 153.00, down 0.40% intraday heading into Tuesday's London open.
The cross-currency pair bounced off 100-DMA to snap a two-day downtrend the previous day amid consolidation in the US Treasury yields. Though, the return of the risk-off mood, as well as negative headlines concerning Brexit, weighs on the quote of late.
Among them, fears concerning the US Federal Reserve's (Fed) tapering and anxiety over the Fed reshuffle seem to exert a great deal of pressure on the market sentiment recently.
On the other hand, The Indian rupee against the US Dollar has settled at Rs 73.877 while the Indian rupee has ended at Rs. 85.66 against the EURO. On the other hand, Indian rupee has seen a fall against the US dollar in the recent past.
The currency value of any country in the foreign exchange market is considered as crucial element for central banks while setting monetary policy.
The currency exchange depends on economic performance, inflation, interest rate differentials, and capital flows, etc. It is generally determined by the strength or weakness of the particular economy. Hence, currency exchange fluctuates dynamically.
USD/JPY's pull back from 114.69 resumes by breaking 113.24 and intraday bias is mildly on the downside. While deeper fall could be seen, we'd still expect downside to be contained above 112.07 resistance turned support to bring rebound. On the upside, break of 113.65 minor resistance will turn bias back to the upside for retesting 114.69. However, sustained break of 112.07 will dampen our bullish view and bring deeper fall back towards 109.11 structural support.
On the other hand, EUR/USD takes the bids near 1.1600 to portray a three-day advance from the year's low ahead of Tuesday's European session.
The major currency pair takes clues from the downbeat US Treasury yields and cautious optimism in the market to consolidate the recent losses. However, speeches from the Chiefs of the European Central Bank (ECB) and the US Federal Reserve (Fed) will be important to forecast near-term moves.
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