13 Jul 2015
GBP/JPY rebounds further but fails at 192.00
FXStreet (Córdoba) - The pound is rising for the third trading day in a row against the yen, accumulating a gain of 600 pips and making an important recovery.
Strong bounce, but enough?
Las Wednesday GBP/JPY bottomed at 184.98 and started to recover. The pair opened the week trading in a range between 190.40 and 189.60 but then, the yen weakened in the market and it broke to the upside.
Price peaked at 192.35, the highest level in more than a week. But the pound failed to hold above 192.00 and pulled back. It was trading at 191.15/20, below the important technical area between 191.60 – 191.80. A consolidation on top could favor more gains, but if it remains below, it could resume the decline.
Data ahead
The pound was the best performer among European currencies. During the next two days there will be important data from the United Kingdom. Tomorrow will be the inflation report an on Wednesday, employment data. Both numbers could impact the pound across the board. If they show an improvement, eyes would start turning toward the rate outlook of the Bank of England.
On Japan, the main incoming event will be the decision of the central bank on Wednesday after a 2-day meeting. No extraordinary announcement is expected.
Strong bounce, but enough?
Las Wednesday GBP/JPY bottomed at 184.98 and started to recover. The pair opened the week trading in a range between 190.40 and 189.60 but then, the yen weakened in the market and it broke to the upside.
Price peaked at 192.35, the highest level in more than a week. But the pound failed to hold above 192.00 and pulled back. It was trading at 191.15/20, below the important technical area between 191.60 – 191.80. A consolidation on top could favor more gains, but if it remains below, it could resume the decline.
Data ahead
The pound was the best performer among European currencies. During the next two days there will be important data from the United Kingdom. Tomorrow will be the inflation report an on Wednesday, employment data. Both numbers could impact the pound across the board. If they show an improvement, eyes would start turning toward the rate outlook of the Bank of England.
On Japan, the main incoming event will be the decision of the central bank on Wednesday after a 2-day meeting. No extraordinary announcement is expected.