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8 Jul 2013
GBP/JPY testing offers ahead of 151.00
FXstreet.com (Barcelona) - The GBP/JPY exchange rate was given an early boost along Asian hours, building on Friday's gains to presently sit up at 150.94, new session high.
BoJ policy meeting, US bond yields
Next Thursday, the BoJ Monetary Policy Statement will be published, with investors and traders expecting to get fresh hints on where the policy is headed. Recent Chinese cash crunch risks to Japan’s recovery though tot be on top of the agenda for this next meeting, according to WSJ. Ahead of the meeting, the Japanese Yen has been consistently offered, as yields in US Treasurys continue to break higher on Fed tapering expectations as soon as next September.
GBP/JPY technical levels
After having cemented a recovery off technical base at 149.40/50 area - June 26727 lows - last Friday, the GBP/JPY has been launched to test offers at 151.00/05 resistance - last Asian session highs -. A break higher is needed to test next resistance at 151.23 - sequence of lows July 2/3 - ahead of 151.70 area - July 4 Europe lows -. On the downside, 150.50/55 - late US session lows - provides technical cushion before a deeper decline may be seen towards 150.00 round number.
BoJ policy meeting, US bond yields
Next Thursday, the BoJ Monetary Policy Statement will be published, with investors and traders expecting to get fresh hints on where the policy is headed. Recent Chinese cash crunch risks to Japan’s recovery though tot be on top of the agenda for this next meeting, according to WSJ. Ahead of the meeting, the Japanese Yen has been consistently offered, as yields in US Treasurys continue to break higher on Fed tapering expectations as soon as next September.
GBP/JPY technical levels
After having cemented a recovery off technical base at 149.40/50 area - June 26727 lows - last Friday, the GBP/JPY has been launched to test offers at 151.00/05 resistance - last Asian session highs -. A break higher is needed to test next resistance at 151.23 - sequence of lows July 2/3 - ahead of 151.70 area - July 4 Europe lows -. On the downside, 150.50/55 - late US session lows - provides technical cushion before a deeper decline may be seen towards 150.00 round number.