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GBP/JPY rises to fresh 3-week highs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 1, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - The pound gained momentum during the last Horus and rose across the board, hitting fresh highs versus the euro, the US dollar and also the yen. GBP/JPY broke above 173.60 and climbed to 174.23 reaching the strongest level since January 6.

    The pair is holding near the highs and also above 174.00. Last week it peaked at 174.15 but it was rejected and pulled back below 174.00.

    GBP/JPY recovery continues

    The pound is rising for the third trading day in a row and from January lows, it has risen more than a thousand pips. The recovery has been supported by a more stable pound across the board and a sharp decline of the Japanese currency following the decision of the Bank of Japan to introduce negative rates.

    On Friday, the pair posted the first daily close above the 20-day moving average since mid-November and today is holding considerable above. A consolidation around current levels could give further support to the pair.

    To the upside, it continues to approach to the 175.00 area that could be a strong resistance: it was a key support during 2015 and a resistance back in 2014.

    For more information, read our latest forex news.
     

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