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27 Mar 2015
GBP/JPY rises above 117.50
FXStreet (Mumbai) - GBP/JPY recovered previous losses and spiked above 177 in the mid-European session, after BOE Carney’s comments on rate hike boosted the pound versus the Japanese currency.
GBP/JPY eyes 5-DMA
Currently, the GBP/JPY cross traded higher by 32% at 177.55 levels, witnessing a spike to fresh session highs at 177.68. The cross in GBP/JPY edged higher largely on a fresh bout of GBP buying after BOE Governor Carney’s comments which boosted the British pound.
Bank of England (BOE) governor Mike Carney, in his speech at the Bundesbank Conference, reiterated that the next policy move by the BOE is likely to be a rate hike, which pushed the pound higher across the board.
On the other hand, a weakening yen versus the USD on fading risk-off sentiment also added to the upside in the GBP/JPY cross. As of writing, USD/JPY trades higher by 0.14% at 119.35 levels, while GBP/USD trades higher by 0.19% at 1.4874.
GBP/JPY Levels to consider
To the upside, the next resistance is located at 177.97 and above which it could extend gains to at 178.46 levels. To the downside immediate support might be located at 177 levels below that at 176.41 levels.
GBP/JPY eyes 5-DMA
Currently, the GBP/JPY cross traded higher by 32% at 177.55 levels, witnessing a spike to fresh session highs at 177.68. The cross in GBP/JPY edged higher largely on a fresh bout of GBP buying after BOE Governor Carney’s comments which boosted the British pound.
Bank of England (BOE) governor Mike Carney, in his speech at the Bundesbank Conference, reiterated that the next policy move by the BOE is likely to be a rate hike, which pushed the pound higher across the board.
On the other hand, a weakening yen versus the USD on fading risk-off sentiment also added to the upside in the GBP/JPY cross. As of writing, USD/JPY trades higher by 0.14% at 119.35 levels, while GBP/USD trades higher by 0.19% at 1.4874.
GBP/JPY Levels to consider
To the upside, the next resistance is located at 177.97 and above which it could extend gains to at 178.46 levels. To the downside immediate support might be located at 177 levels below that at 176.41 levels.