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8 May 2015
GBP/JPY poised to gain for fourth consecutive week
FXStreet (Mumbai) - The GBP/JPY is more likely than ever to finish the current week on a higher note, thereby registering four straight weekly gains.
Pound supported by election outcome
The latest weekly gains come on the back of victory for the conservatives party in the UK general elections. In the previous weeks, the Pound continuously defied widespread expectations of weakness ahead of the general elections, thereby leading to back to back weekly gains.
Meanwhile, the Japanese Yen came under pressure earlier today, after the Bank of Japan policy minutes showed officials were concerned regarding achieving the inflation target of 2%. This triggered speculation that the bank may have to do more easing, thereby leading to JPY weakness.
GBP/JPY Technical Levels
The pair currently trades at 184.54. The immediate resistance is located at 184.98, above which the pair could rise to the daily high of 186.02. On the flip side, a break below 184.08-184.00 could drive the pair lower to 182.84 (5-DMA).
Pound supported by election outcome
The latest weekly gains come on the back of victory for the conservatives party in the UK general elections. In the previous weeks, the Pound continuously defied widespread expectations of weakness ahead of the general elections, thereby leading to back to back weekly gains.
Meanwhile, the Japanese Yen came under pressure earlier today, after the Bank of Japan policy minutes showed officials were concerned regarding achieving the inflation target of 2%. This triggered speculation that the bank may have to do more easing, thereby leading to JPY weakness.
GBP/JPY Technical Levels
The pair currently trades at 184.54. The immediate resistance is located at 184.98, above which the pair could rise to the daily high of 186.02. On the flip side, a break below 184.08-184.00 could drive the pair lower to 182.84 (5-DMA).