5 Nov 2015
GBP/JPY on the rise ahead of BOE event
FXStreet (Mumbai) - The GBP/JPY pair is up for the seventh consecutive session ahead of the Bank of England’s (BOE) rate decision and minutes, which will be followed by the inflation report.
At 1-1/2 month high
At 187.56, the cross is at its highest since September 17th. The Yen weakened against the USD in the European session due to which the cross moved higher. However, the upside is being capped due to losses in the cable.
The immediate focus is on the BOE events. Sterling traders would watch out for vote count, comments on Sterling and inflation and GDP and CPI forecasts.
GBP/JPY Technical Levels
At 187.00, the immediate resistance is seen at 188.38 (100-DMA), followed by a major hurdle at 189.00 levels. On the lower side, support is seen at 186.41 (23.6% of 180.36-188.28) and 185.79 (200-DMA).
At 1-1/2 month high
At 187.56, the cross is at its highest since September 17th. The Yen weakened against the USD in the European session due to which the cross moved higher. However, the upside is being capped due to losses in the cable.
The immediate focus is on the BOE events. Sterling traders would watch out for vote count, comments on Sterling and inflation and GDP and CPI forecasts.
GBP/JPY Technical Levels
At 187.00, the immediate resistance is seen at 188.38 (100-DMA), followed by a major hurdle at 189.00 levels. On the lower side, support is seen at 186.41 (23.6% of 180.36-188.28) and 185.79 (200-DMA).