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4 Jun 2014
GBP/JPY sitting at highs on trend line
FXStreet (Guatemala) - GBP/JPY is trading at 171.70, having posted a daily high at 171.84 and low at 171.58.
GBP/JPY is sticking to its levels and has become rather a non-event pair currently as markets look for opportunity else where in a lack lustre and illiquid market space. The event for the cross on the calendar is also lacking much hope in impetus with the The BoE’s policy decision this week. That said, as Jane Foley, senior Currency Strategist pointed out “the MPC’s Weale has begun to show his hawkish colours. It is natural that as the economy recovers the better news will start to draw out the hawks. While we do not expect the consensus to vote for a rate hike until Q2 2015, we suspect that one or two of the nine man committee may be voting in favour of a rate hike by the autumn”.
GBP/JPY Levels
Spot is presently trading at 171.76, and next resistance can be seen at 171.81 (Weekly Classic R1), 171.84 (Daily High), (Yesterday's High), 171.91 (Daily Classic R1) and 172.38 (Daily Classic R2). Support below can be found at 171.69 (Weekly High), (Daily Open), 171.60 (Hourly 20 EMA), 171.58 (Daily Low) and 171.27 (Yesterday's Low).
GBP/JPY is sticking to its levels and has become rather a non-event pair currently as markets look for opportunity else where in a lack lustre and illiquid market space. The event for the cross on the calendar is also lacking much hope in impetus with the The BoE’s policy decision this week. That said, as Jane Foley, senior Currency Strategist pointed out “the MPC’s Weale has begun to show his hawkish colours. It is natural that as the economy recovers the better news will start to draw out the hawks. While we do not expect the consensus to vote for a rate hike until Q2 2015, we suspect that one or two of the nine man committee may be voting in favour of a rate hike by the autumn”.
GBP/JPY Levels
Spot is presently trading at 171.76, and next resistance can be seen at 171.81 (Weekly Classic R1), 171.84 (Daily High), (Yesterday's High), 171.91 (Daily Classic R1) and 172.38 (Daily Classic R2). Support below can be found at 171.69 (Weekly High), (Daily Open), 171.60 (Hourly 20 EMA), 171.58 (Daily Low) and 171.27 (Yesterday's Low).