GBP/JPY Eyeing 155.00 After UK CPI Data
GBP/JPY is now eyeing 155.00 handle as a faster-than-expected rise in UK CPI strengthened the bid tone around Sterling.
Trades at 3-day high
At
154.90, the cross is trading at its three-day high. The bid tone
improved around 154.22 (23.6% of 162.58-154.64) and strengthened further
after CPI came-in at 0.4% m/m and 0.5% y/y, both above the estimated
figure of 0.3% and 0.4% respectively. Core inflation also bettered
estimates.
Consequently, there was little reason for bears to
remain active after the data release. Meanwhile, recovery in European
stock markets also weakened the demand for Yen.
GBP/JPY Technical Levels
The
immediate hurdle at 155.00, if breached, could see the cross extend
rally to 155.82 (38.2% of 162.58-154.64). On the other hand, a break
below 154.22 (23.6% of 1.62.58-154.64) would open doors for a drop to
153.64 (5-DMA).
(Market News Provided by FXstreet)
