3 Aug 2015
GBP/JPY daily chart: remains in full recovery mode
FXStreet (Guatemala) - GBP/JPY is currently trading at 193.16 with a high of 194.25 and a low of 193.04.
GBP/JPY is threatening the 193 handle to the downside with Sterling giving some room back across the FX tickers as we progress through the day after an initial bid to start the week on the back of the manufacturing PMI's surprising to the upside, despite the strength of the pound of late.
The week is key for Sterling with the BoE MPC meeting as well as the August BoE Inflation Report to be published on Thursday while markets anticipate a hawkish tone and the prospects of a rate hike potentially this year if not next supporting demand for the pound. In respect of the Yen, it will continue to play out its safer haven roll in the global uncertainties. This week also holds the BoJ. Kuroda was hitting the wires over the weekend in an interview with the Japanese newspaper Yomiuri. He already said there that there is no immediate need for additional monetary easing, adding that the BOJ will adjust policy if needed.
GBP/JPY long dated levels as pound rebounds in 2015
GBP/JPY struggles to hold on to territory above the bearish gap created in the last weeks of June, despite a valiant effort back above it in the final days of trade of last month, scoring a high of above 194.50 from a rally that began at 191.01. On the longer dated sticks, 185.00 marks key support before 174.90 2015 lows. The cross remains in strongly bullish territory and highest levels since the 2008 crash. 196.00 is the next psychological target ahead of 200.00.
GBP/JPY is threatening the 193 handle to the downside with Sterling giving some room back across the FX tickers as we progress through the day after an initial bid to start the week on the back of the manufacturing PMI's surprising to the upside, despite the strength of the pound of late.
The week is key for Sterling with the BoE MPC meeting as well as the August BoE Inflation Report to be published on Thursday while markets anticipate a hawkish tone and the prospects of a rate hike potentially this year if not next supporting demand for the pound. In respect of the Yen, it will continue to play out its safer haven roll in the global uncertainties. This week also holds the BoJ. Kuroda was hitting the wires over the weekend in an interview with the Japanese newspaper Yomiuri. He already said there that there is no immediate need for additional monetary easing, adding that the BOJ will adjust policy if needed.
GBP/JPY long dated levels as pound rebounds in 2015
GBP/JPY struggles to hold on to territory above the bearish gap created in the last weeks of June, despite a valiant effort back above it in the final days of trade of last month, scoring a high of above 194.50 from a rally that began at 191.01. On the longer dated sticks, 185.00 marks key support before 174.90 2015 lows. The cross remains in strongly bullish territory and highest levels since the 2008 crash. 196.00 is the next psychological target ahead of 200.00.