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19 May 2014
GBP/JPY facing headwinds towards 171 handle
FXStreet (Guatemala) - GBP/JPY is currently making a come back away from the lows of last weeks trading but feeling pressure through 170.95 and pulling back onto 170.80 support.
GBP/JPY will likely liven up with the UK data later today and this week. Analysts at RBS explained that, “Because the Inflation Report is more reflective of the committee consensus than the minutes, there's a risk that signs of disagreement over the state of the labour market and the amount of spare capacity emerge within the minutes”. The analysts continued and added, “Still, we do not expect the minutes to reveal any dissenting voters at the May meeting. The CPI is released as well and base-effect related weakness may lead to a rebound in headline inflation rate to 1.8% y/y and the core rate to 1.7% y/y. Bank of England Governor Carney will make an appearance on Sky News over the coming weekend”.
GBP/JPY Levels
With spot trading at 170.87, we can see next resistance ahead at 171.00. Support below can be found at 170.80, 170.69, 170.36 (Daily Low), 170.18 (Daily Classic S1), 170.17, (Weekly Classic S2) and 169.50 (Daily Classic S2).
GBP/JPY will likely liven up with the UK data later today and this week. Analysts at RBS explained that, “Because the Inflation Report is more reflective of the committee consensus than the minutes, there's a risk that signs of disagreement over the state of the labour market and the amount of spare capacity emerge within the minutes”. The analysts continued and added, “Still, we do not expect the minutes to reveal any dissenting voters at the May meeting. The CPI is released as well and base-effect related weakness may lead to a rebound in headline inflation rate to 1.8% y/y and the core rate to 1.7% y/y. Bank of England Governor Carney will make an appearance on Sky News over the coming weekend”.
GBP/JPY Levels
With spot trading at 170.87, we can see next resistance ahead at 171.00. Support below can be found at 170.80, 170.69, 170.36 (Daily Low), 170.18 (Daily Classic S1), 170.17, (Weekly Classic S2) and 169.50 (Daily Classic S2).