12 Feb 2015
GBP/JPY struggles above 183, BOE inflation report eyed
FXStreet (Mumbai) - GBP/JPY pulled away from fresh five-week highs and dropped during the late-Asian session, largely on yen strength as traders now await critical Bank of England’s (BOE) inflation report due later in the day.
GBP/JPY declines on bullish Japanese data
Currently, the GBP/JPY cross traded at 183.12 levels, down -0.22% on the day, moving away from fresh five week highs posted at 184.01 levels in the previous session. The cross in GBP/JPY dropped largely on yen’s strength against the USD after stellar Japanese core machinery orders data bolstered the Japanese currency. On the other hand, the pound remained broadly flat ahead of Bank of England’s (BOE) inflation report due later in the session, which may provide fresh incentives for the cross.
As of writing, USD/JPY trades higher by -0.12% at 120.29 levels, while GBP/USD trades flat at 1.5222.
GBP/JPY Levels to consider
To the upside, the next resistance is located at 183.50 and above which it could extend gains to at 184 levels. To the downside immediate support might be located at 182.50 levels below that at 181.70 levels.
GBP/JPY declines on bullish Japanese data
Currently, the GBP/JPY cross traded at 183.12 levels, down -0.22% on the day, moving away from fresh five week highs posted at 184.01 levels in the previous session. The cross in GBP/JPY dropped largely on yen’s strength against the USD after stellar Japanese core machinery orders data bolstered the Japanese currency. On the other hand, the pound remained broadly flat ahead of Bank of England’s (BOE) inflation report due later in the session, which may provide fresh incentives for the cross.
As of writing, USD/JPY trades higher by -0.12% at 120.29 levels, while GBP/USD trades flat at 1.5222.
GBP/JPY Levels to consider
To the upside, the next resistance is located at 183.50 and above which it could extend gains to at 184 levels. To the downside immediate support might be located at 182.50 levels below that at 181.70 levels.