5 Nov 2015
GBP/JPY flirts with 187 handle, Eyes BOE
FXStreet (Mumbai) - The GBP/JPY is trading around 187.00 handle after having scored gains for six consecutive sessions.
Focus on BOE events
The Sterling traders await the BOE events, which are likely to throw light on the possible timing of the rate hike in the UK. Sterling has managed to stay relatively resilient to the US dollar rally witnessed in the last week or so.
Meanwhile, the Japanese Yen took a beating on the increased expectations of a Fed rate hike in December. Consequently, the cross has been on the run for the last six sessions.
GBP/JPY Technical Levels
At 187.00, the immediate resistance is seen at 187.31 (previous day’s high), followed by a major hurdle at 188.38 (100-DMA). On the lower side, support is seen at 186.41 (23.6% of 180.36-188.28) and 185.79 (200-DMA).
Focus on BOE events
The Sterling traders await the BOE events, which are likely to throw light on the possible timing of the rate hike in the UK. Sterling has managed to stay relatively resilient to the US dollar rally witnessed in the last week or so.
Meanwhile, the Japanese Yen took a beating on the increased expectations of a Fed rate hike in December. Consequently, the cross has been on the run for the last six sessions.
GBP/JPY Technical Levels
At 187.00, the immediate resistance is seen at 187.31 (previous day’s high), followed by a major hurdle at 188.38 (100-DMA). On the lower side, support is seen at 186.41 (23.6% of 180.36-188.28) and 185.79 (200-DMA).