9 Jan 2014
GBP/JPY extends recovery and consolidates above 172.00
FXstreet.com (Córdoba) - The GBP/JPY rose on Wednesday 0.55%, breaking above 172.00 and hitting at 172.84 the highest price since in almost a week. Cable pulled back against the Yen in the last hours of the American session and finished at 172.45. The Pound was among the best performers across the board.
End of correction for the GBP/JPY?
The pair started 2014 with a sharp reversal from 175.00 that sent the price to 170.40, making the first correction since mid December. Corrective moves could have come to an end considering that the GBP/JPY has risen in the last two days and has been able to hold above 172.00.
The FOMC minutes had little impact on the Yen and weakened slightly the Pound against the US dollar. On Thursday, the Bank of England will announced its decision on monetary policy, but expectations are for no change. The main event ahead for the pair could be the Non Farm Payroll report on Friday.
End of correction for the GBP/JPY?
The pair started 2014 with a sharp reversal from 175.00 that sent the price to 170.40, making the first correction since mid December. Corrective moves could have come to an end considering that the GBP/JPY has risen in the last two days and has been able to hold above 172.00.
The FOMC minutes had little impact on the Yen and weakened slightly the Pound against the US dollar. On Thursday, the Bank of England will announced its decision on monetary policy, but expectations are for no change. The main event ahead for the pair could be the Non Farm Payroll report on Friday.