11 May 2015
GBP/JPY breaks above 186.00 and completes 200-pip jump
FXStreet (Tokyo) - The British Pound is advancing against the Japanese Yen as the pair is enjoying the pro-sterling environment after the UK elections. After climbing 200 pips from 184.55, the GBP/JPY broke above 186.00 before trading at highs since January 2nd above 186.50.
Currently, GBP/JPY is trading at 186.46, up 0.77% on the day, having posted a daily high at 186.57 and low at 184.58. The hourly FXStreet OB/OS Index is showing overbought conditions, alongside the FXStreet Trend Index which is slightly bullish.
GBP/JPY forecast
Chief Market Analyst at ForexTime Jameel Ahmad commented in the FXStreet GBPJPY Forecast Poll that "the GBPJPY exploded into bullish momentum following the UK election result."
Ahmad affirms that "if the pound continues to tail off gains, the GBPJPY is set for a pullback."
British Pound to Yen levels
As for the short term, next resistances are at 187.25, 187.50 and 187.80. To the downside, supports are at 186.00, 185.00 and 184.60.
Currently, GBP/JPY is trading at 186.46, up 0.77% on the day, having posted a daily high at 186.57 and low at 184.58. The hourly FXStreet OB/OS Index is showing overbought conditions, alongside the FXStreet Trend Index which is slightly bullish.
GBP/JPY forecast
Chief Market Analyst at ForexTime Jameel Ahmad commented in the FXStreet GBPJPY Forecast Poll that "the GBPJPY exploded into bullish momentum following the UK election result."
Ahmad affirms that "if the pound continues to tail off gains, the GBPJPY is set for a pullback."
British Pound to Yen levels
As for the short term, next resistances are at 187.25, 187.50 and 187.80. To the downside, supports are at 186.00, 185.00 and 184.60.