23 Aug 2013
GBP/JPY spikes after solid UK GDP data, ‘eyeing’ Jackson’s Hole
FXstreet.com (Athens) - GBP/JPY continues to set up a firmer tone, on encouraging GDP data and ahead of Jackson Hole conference.
Will Jackson Hole conference pave the way for the Japanese currency?
The Jackson Hole conference would be the major driver event this week , with Federal Reserve Governors’ having previously used it as an event to offer clear market guidance on the outlook for policy. Ben Bernanke is not attending this year, so the focus will be on Kuroda and Yellen, who will speak in a panel discussion on Saturday’s morning. Elsewhere, there is not lot to report as Nikkei out-performed in Asia trading session, mainly due to the renewed weakness of the Japanese currency. At the time of writing, BBA approvals and UK GDP released. GDP was announced better than expected (+0.7% against expectations of +0.6% on a quarterly basis), while BBA approvals and Index of Services came lower, but in wider line with expectations. The pair found solid ground on optimism on UK economy GDP, trading higher at 154.47.
Technical outlook on GBP/JPY
As the time of writing the pair is trading upwards at 154.35, (+0.32%), pared some of the earlier gains, exactly after the GDP announcement. The FXstreet.com Trend Index shows the pair to be slightly bullish. Daily pivot point support can be found at 153.27, 153.00, 152.87 and resistances at 154.64, 155.03, and 155.42, respectively.
Will Jackson Hole conference pave the way for the Japanese currency?
The Jackson Hole conference would be the major driver event this week , with Federal Reserve Governors’ having previously used it as an event to offer clear market guidance on the outlook for policy. Ben Bernanke is not attending this year, so the focus will be on Kuroda and Yellen, who will speak in a panel discussion on Saturday’s morning. Elsewhere, there is not lot to report as Nikkei out-performed in Asia trading session, mainly due to the renewed weakness of the Japanese currency. At the time of writing, BBA approvals and UK GDP released. GDP was announced better than expected (+0.7% against expectations of +0.6% on a quarterly basis), while BBA approvals and Index of Services came lower, but in wider line with expectations. The pair found solid ground on optimism on UK economy GDP, trading higher at 154.47.
Technical outlook on GBP/JPY
As the time of writing the pair is trading upwards at 154.35, (+0.32%), pared some of the earlier gains, exactly after the GDP announcement. The FXstreet.com Trend Index shows the pair to be slightly bullish. Daily pivot point support can be found at 153.27, 153.00, 152.87 and resistances at 154.64, 155.03, and 155.42, respectively.