GBP/JPY back slightly after knocking on 147.00
|- Sterling lifts against the Yen on yesterday's BoJ news.
- GBP traders are now looking towards the BoE's showing on Thursday.
The GBP/JPY pairing is trading into 146.70, slipping from Tuesday's high at the 147.00 major technical level. The Sterling lifted against the Japanese Yen yesterday as the BoJ delivered a monetary policy statement that largely saw risk appetite return to G10 currency markets, and the GBP/JPY rose from the day's low of 145.30.
Wednesday will be bringing Markit PMIs for the UK at 08:30 GMT, and the reading is expected to slip down from 54.4 to 54.2 today, but GBP traders will be keeping their eyes out for the Bank of England's (BoE) latest interest rate call, which is due on Thursday and has markets expecting a 25 bps rate hike from the UK's central bank, though a recent slump for UK economic data sees expectations of a rate increase thrown into question.
GBP/JPY Levels to watch
With the Guppy's big jump yesterday into the 147.00 handle, support is priced in at the last swing lows just above the 145.25 level, and bulls will be looking to make a break for the 61.8% Fibo retracement level at 147.75, though a likely bearish correction will first have to remain above the last swing low at 145.33 to keep bullish tension on the rise.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.