4 Jun 2015
GBP/JPY hits fresh 6-year highs
FXStreet (Córdoba) - The pound rose further against the yen and printed a fresh high. GBP/JPY moved in ranges between 191.55 and 190.80 but recently broke higher as GBP/USD moved off session lows and climbed to 191.67, level last seen back in September 2008.
Current it trades at 191.40, headed toward the eight weekly gain in a row but the week is not over yet. Market volatility could rise as the Greek novel goes on and ahead of the US employment report.
Today, as widely expect the Bank of England left monetary policy unchanged, making no effect on the currency market. Traders now await the minutes of today’s meeting. “It is possible that the minutes will subsequently show the two relative hawks on the MPC, Martin Weale and Ian McCafferty are getting closer to voting for a rate rise given the ongoing strengthening of the labour market and rising wages. For now though we suspect that they opted for the status quo, particularly given recent financial market volatility and the strength of sterling”, said James Knightley, Senior Economist at ING.
GBP/JPY technical levels
To the upside resistance levels could be located at 191.65/70 (daily high) and 192.00 (psychological level). On the downside support might lie at 190.80 (daily low), 190.55 and 190.35.
Current it trades at 191.40, headed toward the eight weekly gain in a row but the week is not over yet. Market volatility could rise as the Greek novel goes on and ahead of the US employment report.
Today, as widely expect the Bank of England left monetary policy unchanged, making no effect on the currency market. Traders now await the minutes of today’s meeting. “It is possible that the minutes will subsequently show the two relative hawks on the MPC, Martin Weale and Ian McCafferty are getting closer to voting for a rate rise given the ongoing strengthening of the labour market and rising wages. For now though we suspect that they opted for the status quo, particularly given recent financial market volatility and the strength of sterling”, said James Knightley, Senior Economist at ING.
GBP/JPY technical levels
To the upside resistance levels could be located at 191.65/70 (daily high) and 192.00 (psychological level). On the downside support might lie at 190.80 (daily low), 190.55 and 190.35.