12 Feb 2015
GBP/JPY: Up to Nov 2014 congestion zone
FXStreet (Guatemala) - GBP/JPY is currently trading at 182.92 with a high of 184.20 and a low of 181.20.
GBP/JPY dropped sharply, climbed sharply and dropped sharply again within a wide range of the aforementioned high and low. There are a number of forces at work, domestically in Japan, Bank of Japan dismissed the chances of further stimulus, saying it could be counterproductive at this time.
In respect of local currencies in the EU affecting the cross, EUR/GBP crashed, banged and walloped from 0.7450 territory to 0.7371 while cable rallied from the 1.5220 region and onto 1.5320 on the 30 min sticks all post the BoE inflation report, that came with a relatively neutral tone while the BoE still came out as somewhat hawkish.
GBP/JPY has been caught up with these events and taken to the Nov 2014 congestion zone that could act as a tough resistance to conquer with 186.00 being the next psychological level on target through space on 184.00 and 185.00 in an extension of the rally from 175.50/00 on the daily sticks.
GBP/JPY dropped sharply, climbed sharply and dropped sharply again within a wide range of the aforementioned high and low. There are a number of forces at work, domestically in Japan, Bank of Japan dismissed the chances of further stimulus, saying it could be counterproductive at this time.
In respect of local currencies in the EU affecting the cross, EUR/GBP crashed, banged and walloped from 0.7450 territory to 0.7371 while cable rallied from the 1.5220 region and onto 1.5320 on the 30 min sticks all post the BoE inflation report, that came with a relatively neutral tone while the BoE still came out as somewhat hawkish.
GBP/JPY has been caught up with these events and taken to the Nov 2014 congestion zone that could act as a tough resistance to conquer with 186.00 being the next psychological level on target through space on 184.00 and 185.00 in an extension of the rally from 175.50/00 on the daily sticks.