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GBP/JPY eyeing 155.00 after UK CPI data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 12, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    GBP/JPY is now eyeing 155.00 handle as a faster-than-expected rise in UK CPI strengthened the bid tone around Sterling.

    Trades at 3-day high

    At 154.90, the cross is trading at its three-day high. The bid tone improved around 154.22 (23.6% of 162.58-154.64) and strengthened further after CPI came-in at 0.4% m/m and 0.5% y/y, both above the estimated figure of 0.3% and 0.4% respectively. Core inflation also bettered estimates.

    Consequently, there was little reason for bears to remain active after the data release. Meanwhile, recovery in European stock markets also weakened the demand for Yen.

    GBP/JPY Technical Levels

    The immediate hurdle at 155.00, if breached, could see the cross extend rally to 155.82 (38.2% of 162.58-154.64). On the other hand, a break below 154.22 (23.6% of 1.62.58-154.64) would open doors for a drop to 153.64 (5-DMA).
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