- The GBP/JPY is only slightly affected by worse-than-expected UK data.
- The Bank of Japan maintains its dovish stance.
The GBP/JPY is trading at around 149.04 up 0.16% after challenging the highs of Monday and flirting with the 149.80 level with the bulls defending149.00 on Tuesday despite worse-than-expected macro data coming from the UK. The Consumer Price Index and retail sales index, both came below expectation but the Guppy traders didn’t seem too worried as they kept buying any incursion below the 149.00 level with the price unable to fall below 148.80 on Thursday so far.
Supporting the pair are also the dovish comments made by the newly appointed Deputy Governors of the Bank of Japan who confirmed that the BoJ will continue its aggressive monetary easing until the 2% inflation target is reached.
GBP/JPY 1-hour chart
Bulls are creating a bull channel after the huge breakout we saw on Monday.
GBP/JPY 15-minute chart
Bulls are currently trying to break above an intraday descending trendline. Intraday resistance is seen at 149.60 previous supply/demand zone and the 151.00 figure. To the flip side, and if bears take the upper hand and are able to break below 148.80, then support is seen at the 148.40 level which is the 50% Fibonacci retracement from Monday’s bull run, followed by 148.10, the 61.8 Fibonacci retracement of the same rally.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended content
Editors’ Picks
EUR/USD stays near 1.0800 after upbeat US data
EUR/USD stays under modest bearish pressure and trades near 1.0800 in the American session on Thursday. The data from the US showed that the real GDP growth for the fourth quarter got revised higher to 3.4% from 3.2%, supporting the USD and weighing on the pair.
GBP/USD stays in daily range above 1.2600
GBP/USD fluctuates in a narrow channel above 1.2600 on Thursday. The better-than-expected Initial Jobless Claims data from the US and the upward revision to the Q4 GDP growth helps the USD stay resilient against its rivals and limits the pair's upside.
Gold pulls away from daily highs, holds above $2,200
Gold retreats from daily highs but holds comfortably above $2,200 in the American session on Thursday. The benchmark 10-year US Treasury bond yield stays above 4.2% after upbeat US data and makes it difficult for XAU/USD to preserve its bullish momentum.
XRP price falls to $0.60 support as Ripple ruling doesn’t help Coinbase lawsuit against SEC
XRP programmatic sales ruling by Judge Torres was completely rejected by another US Court that ruled in favor of the SEC in a lawsuit against Coinbase.
Portfolio rebalancing and reflation trades emerge into Q2
Yesterday’s price action pointed at a possible end-of-quarter portfolio rebalancing as the session saw the laggards of the quarter like Apple and Tesla gain, and the stars like Microsoft and Nvidia retreat.