GBP/JPY rises for sixth straight session

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 9, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The GBP/JPY cross advanced for the sixth consecutive session on Friday after BOE’s Carney said the bank’s interest rate policy is not dependent on Fed’s liftoff.

    Trades at two-week high

    At 184.70, the pair trading at its highest since September 23. Sterling has been on a recovery mode throughout this week. The rally in crude prices and the resulting risk-on the markets kept safe havens like Yen under pressure, while supporting gains in the risk currencies.

    The uptick seen in Asia appears to have been triggered by BOE’s Carney, who said “the exact timing of the Fed movie is not decisive for the timing of the move by the Bank of England”. There is general consensus in the market that the BOE would not raise rates before the Fed.

    GBP/JPY Technical Levels

    The immediate resistance is seen at 185.19 (200-DMA), above which a major resistance is seen directly at 187.11 (50-DMA). On the lower side, a break below 184.00 could see the pair re-test 183.76 (hourly 50-MA), followed by another support at 183.24 (hourly 100-MA).
    For more information, read our latest forex news.

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