10 Jun 2015
GBP/JPY prints session low of 188.95
FXStreet (Mumbai) - The bid tone on the JPY strengthened in the Asian session, taking the GBP/JPY pair lower to 188.95 after BOJ’s Kuroda expressed a low possibility of further depreciation in the Yen real effective exchange rate.
Focus on UK data
The attention now shifts to the UK industrial production data, which could show a slowdown in the activity in April. Month-on-month figure is seen at 0.1% from 0.5%, while year-on-year is seen at 0.4% from 1.1%.
At the moment, the pair is trading 189.28 levels; still down 1.05% down on the day. Kuroda’s comments sparked a sharp rise in the buying interest in the Yen, pushing it higher across the board. However, the slide in the GBP/JPY is somewhat restricted due to the resilience in GBP on the back of an upbeat UK trade data released on Tuesday.
GBP/JPY Technical Levels
The immediate resistance is located at 189.51, above which the pair could extend recovery to 190.46 (hourly 200-MA). On the flip side, a break below 189.00 could push the pair down to 188.52.
Focus on UK data
The attention now shifts to the UK industrial production data, which could show a slowdown in the activity in April. Month-on-month figure is seen at 0.1% from 0.5%, while year-on-year is seen at 0.4% from 1.1%.
At the moment, the pair is trading 189.28 levels; still down 1.05% down on the day. Kuroda’s comments sparked a sharp rise in the buying interest in the Yen, pushing it higher across the board. However, the slide in the GBP/JPY is somewhat restricted due to the resilience in GBP on the back of an upbeat UK trade data released on Tuesday.
GBP/JPY Technical Levels
The immediate resistance is located at 189.51, above which the pair could extend recovery to 190.46 (hourly 200-MA). On the flip side, a break below 189.00 could push the pair down to 188.52.