GBP/JPY trapped inside the 149.50/148.50 range

FXstreet.com (Barcelona) - With MPC meeting minutes at 08:30 GMT, GBP/JPY is last trading at 148.82, near session lows, on the back of broad Yen strength. The cross has been trapped inside a 100 pips trading range 149.50/148.50 for last 48 hours, ahead of key risk event in the form of US FOMC at 18:00-18:30 GMT.

GBP/JPY is up +0.69% for the week so far, retracing from yesterday's weekly high at 149.70, shy of 38% Fibo retrace of 154.30/147.08 downleg at 149.80. Nikkei index has eased from session highs moments before the Tokyo lunch break, last still up +1.25% for the day, above the key 13000 points mark, helping the stronger Yen latter case.

Immediate support to the downside for GBP/JPY lies at yesterday's Asian session/June 07 lows 148.33/17, followed by Friday's lows at 147.40, and Thursday's fresh 2-month lows at 147.11/07. To the upside, closest resistance shows at recent session/yesterday's highs 149.53/68, followed by June 06 lows at 150.26, and June 14 highs at 150.65.