Back
4 Apr 2013
Forex: GBP/JPY trading near session highs of 1.5149/50
FXstreet.com (Barcelona) - The GBP/JPY is trading at session highs Thursday, following what has been a disastrous day for the JPY. In these moments the pair is asserting itself at 145.87/93, up a gargantuan +3.63% during US trading, leaving myriad resistances in its wake.
Briefing the technicals, the GBP/JPY is slated to face calculated resistance at 145.85, as previous resistances of 144.25 and 145.00 were shattered. Conversely, any attempt or subsequent movement lower will encounter means of support at 143.80, then 143.40 and finally the 142.60 barrier, notes the ICN.com analyst team.
Regarding the yen, “We admit to surprise that new BoJ chief Kuroda managed to beat very high expectations today. He has replaced the Asset Purchase Program with Quantitative and Qualitative Monetary Easing (QQME).” Notes Global FX Strategist Sean Callow at Westpac. The BoJ will now aggressively expand the monetary base (cash plus deposits at the BoJ), by 45% this year and a further 35% in 2014.
Briefing the technicals, the GBP/JPY is slated to face calculated resistance at 145.85, as previous resistances of 144.25 and 145.00 were shattered. Conversely, any attempt or subsequent movement lower will encounter means of support at 143.80, then 143.40 and finally the 142.60 barrier, notes the ICN.com analyst team.
Regarding the yen, “We admit to surprise that new BoJ chief Kuroda managed to beat very high expectations today. He has replaced the Asset Purchase Program with Quantitative and Qualitative Monetary Easing (QQME).” Notes Global FX Strategist Sean Callow at Westpac. The BoJ will now aggressively expand the monetary base (cash plus deposits at the BoJ), by 45% this year and a further 35% in 2014.