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24 Jun 2013
GBP/JPY closing the gap lower
FXstreet.com (London) - GBP/JPY had been enjoying the momentum in the market which saw the Yen lower overnight, while GBP/JPY printed a high of 151.63.
This morning in London, the pair have found offers to currently trade around 151.00, printing a session low of 150.86. There isn’t any data releases for Sterling today, although the market will recall the set of recently bullish data for the UK, offering Sterling some fresh resilience in the market. Over the weekend, Prime Minister Abe's party won an overall majority in regional elections in the Tokyo metropolitan area. The outcome bodes well for the prime minister's prospects in the elections, which are likely to be held on July 21st. However, Gary Berry said “Other supportive factors are also neatly falling into place, suggesting USDJPY could reclaim 100 soon, then advance towards our end-2013 forecast of 110”, and this of course will be supportive to the cross, all the while Japanese investors are beginning to reposition themselves into higher yielding assets.
The GBPJPY in a range
GBP/JPY has been ranging within an ascending channel, was most recently testing the support. Indicators are strongly bullish and a confirmation of further upside will come from breaking resistance levels around 152.25-152.500 area.
This morning in London, the pair have found offers to currently trade around 151.00, printing a session low of 150.86. There isn’t any data releases for Sterling today, although the market will recall the set of recently bullish data for the UK, offering Sterling some fresh resilience in the market. Over the weekend, Prime Minister Abe's party won an overall majority in regional elections in the Tokyo metropolitan area. The outcome bodes well for the prime minister's prospects in the elections, which are likely to be held on July 21st. However, Gary Berry said “Other supportive factors are also neatly falling into place, suggesting USDJPY could reclaim 100 soon, then advance towards our end-2013 forecast of 110”, and this of course will be supportive to the cross, all the while Japanese investors are beginning to reposition themselves into higher yielding assets.
The GBPJPY in a range
GBP/JPY has been ranging within an ascending channel, was most recently testing the support. Indicators are strongly bullish and a confirmation of further upside will come from breaking resistance levels around 152.25-152.500 area.