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GBP/JPY retreats and falls below 163.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 14, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The pound, after rising during three consecutive days against the yen is retreating, on a calm trading start of the week.

    GBP/JPY peaked on Friday at 164.08, boosted by a stronger pound, reaching the highest level in almost a month. The pair finished last week around 163.75 and today on Asian hours approached 164.00 but failed to break higher and turned to the downside.

    The pair bottomed after Wall Street opening bell at 162.65 and it was trading at 162.80, down 0.45% for the day so far, moving with a correction bias after posting the second weekly gain in a row as it continues to recover from 154.71 (Feb 24 low).

    Between Brexit, BoE and BoJ

    The next days are going to be busy for the market. Despite the FOMC decision on Wednesday, on Tuesday will be the turn of the Bank of Japan and on Thursday of the Bank of England. No change in rate is expected from the mentioned central banks. Even so, their statements could have a large impact on the market.
    For more information, read our latest forex news.

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