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22 Apr 2015
GBP/JPY recovers losses
FXStreet (Mumbai) - The GBP/JPY pair recovered losses ahead of the Bank of England (BOE) minutes, which is expected to show a unanimous vote to keep monetary policy tools unchanged.
Rises above 178.50
The pair currently trades at 178.77, after having recovered from the low of 178.44 levels. The BOE minutes from the April 9th meeting are widely expected to show a unanimous 9-0 vote in favor of keeping monetary policy unchanged.
Meanwhile, the uptick in the UK equity index Ftse keeps the Yen under pressure. However, the Japanese Yen remains supported by the slight weakness seen in the US Treasury yields.
GBP/JPY Technical Levels
The immediate resistance is seen at 178.88, above which gains could be extended to 179.47 (50-DMA). On the flip side, a break below 178.50 could drive the pair back to its 5-DMA located at 178.16.
Rises above 178.50
The pair currently trades at 178.77, after having recovered from the low of 178.44 levels. The BOE minutes from the April 9th meeting are widely expected to show a unanimous 9-0 vote in favor of keeping monetary policy unchanged.
Meanwhile, the uptick in the UK equity index Ftse keeps the Yen under pressure. However, the Japanese Yen remains supported by the slight weakness seen in the US Treasury yields.
GBP/JPY Technical Levels
The immediate resistance is seen at 178.88, above which gains could be extended to 179.47 (50-DMA). On the flip side, a break below 178.50 could drive the pair back to its 5-DMA located at 178.16.