11 Feb 2015
GBP/JPY jumps to fresh 5-week highs
FXStreet (Mumbai) - GBP/JPY jumped to fresh five-week highs in the mid-European session, extending gains from the previous session largely on yen weakness as markets now await BOE’s inflation report due tomorrow for fresh incentives.
BOE Inflation Report eyed
Currently, the GBP/JPY cross traded at 183.33 levels, up 0.64% on the day, remaining close to fresh five week highs posted at 183.26 levels some time ago. The cross in GBP/JPY gained largely on yen’s underperformance against the USD amid thin trading as Japan remains closed today on a national holiday. Moreover, gains in the cable also supported GBP/USD cross with Bank of England’s (BOE) inflation report due tomorrow, which may have major impacts on the cross.
As of writing, USD/JPY trades higher by 0.38% at 119.87 levels, while GBP/USD trades higher by 0.24% at 1.5290.
GBP/JPY Levels to consider
To the upside, the next resistance is located at 184 and above which it could extend gains to at 184.31 levels. To the downside immediate support might be located at 182 levels below that at 181.70 levels.
BOE Inflation Report eyed
Currently, the GBP/JPY cross traded at 183.33 levels, up 0.64% on the day, remaining close to fresh five week highs posted at 183.26 levels some time ago. The cross in GBP/JPY gained largely on yen’s underperformance against the USD amid thin trading as Japan remains closed today on a national holiday. Moreover, gains in the cable also supported GBP/USD cross with Bank of England’s (BOE) inflation report due tomorrow, which may have major impacts on the cross.
As of writing, USD/JPY trades higher by 0.38% at 119.87 levels, while GBP/USD trades higher by 0.24% at 1.5290.
GBP/JPY Levels to consider
To the upside, the next resistance is located at 184 and above which it could extend gains to at 184.31 levels. To the downside immediate support might be located at 182 levels below that at 181.70 levels.