GBP/JPY – Challenging Bids Around 161.00

GBP/JPY – Challenging Bids Around 161.00

31 March 2016, 09:08
Roberto Jacobs

GBP/JPY – Challenging Bids Around 161.00

GBP/JPY is testing bids around 161.00 as weakness in European equity futures is keeping JPY on a front foot ahead of BOE governor Carney’s speech.

Eyes Carney speech

Traders await Bank of England governor Carney’s comments, which are likely to hit the wires before UK GDP release. Carney’s take on Brexit and its impact on UK economy could influence Sterling.

Meanwhile, action in the European stock markets could affect demand for Yen. Prices made failed attempts earlier this week to take out hurdle at 162.47 (38.2% of 175.02-154.72) before falling back to 161.00 levels today.

GBP/JPY Technical Levels

The immediate hurdle is noted at 162.47 (38.25 of 175.02-154.72), above which cross could target 164.10 (Mar 11 high). Conversely, breakdown of 160.62 (10-DMA) would expose 159.00 (Mar 17 low).

(Market News Provided by FXstreet)

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