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24 Feb 2015
GBP/JPY rises above 61.8% Fibo level
FXStreet (Mumbai) - The GBP/JPY pair rose above the 61.8% Fib retracement (of 189.68-175.18) located at 184.24 ahead of ahead of the Bank of England (BOE) governor Carney’s testimony centered around the latest inflation report.
GBP/JPY: is 186 levels in sight?
The pair is sitting well above 184.24 and could rise further if Carney turns hawkish by going against the recent talks of of negative inflation and not ruling out the possibility of an interest rate cut or QE if required. In such a case, the GBP/USD pair could rise to 1.55 levels, thereby lending support to GBP/JPY pair.
However, further gains in the GBP/JPY cross could be hampered if the Fed chair. Yellen talks dovish, which could lead to sharp fall in the USD/JPY pair. Moreover, with no major economic data due for release out of the UK today, the focus is likely to be on the central bank talk.
GBP/JPY Technical Levels
AT the moment the pair is trading 0.48% higher at 184.52. The immediate resistance is seen at 184.93 and 185.68. Meanwhile, support is seen at 184.24 and 183.50 levels.
GBP/JPY: is 186 levels in sight?
The pair is sitting well above 184.24 and could rise further if Carney turns hawkish by going against the recent talks of of negative inflation and not ruling out the possibility of an interest rate cut or QE if required. In such a case, the GBP/USD pair could rise to 1.55 levels, thereby lending support to GBP/JPY pair.
However, further gains in the GBP/JPY cross could be hampered if the Fed chair. Yellen talks dovish, which could lead to sharp fall in the USD/JPY pair. Moreover, with no major economic data due for release out of the UK today, the focus is likely to be on the central bank talk.
GBP/JPY Technical Levels
AT the moment the pair is trading 0.48% higher at 184.52. The immediate resistance is seen at 184.93 and 185.68. Meanwhile, support is seen at 184.24 and 183.50 levels.