GBP/JPY Price Analysis: Bulls stay the course and price tears to fresh cycle highs, eyes 178.00
|- GBP/JPY is rising as the Yen falls across the board.
- Bulls are taking charge to fresh bull cycle highs.
GBP/JPY is taking off in Asia with a fresh multi-week high, rallying from a low of 177.25 to a high of 177.97 so far. The Yen is under pressure as the Federal Reserve delivered a hawkish pause in Wednesday's interest rate decision. For GBP/JPY, this is helping the bulls that have traded in the back of a hawkish narrative at the Bank of England.
GBP/JPY H1 chart
USD/JPY is also rallying hard as per the 30-min chart:
According to the monthly Gross Domestic Product report, the UK economy expanded by 0.2% in April. Additionally, stronger-than-anticipated inflation and recent Employment data have added pressure on the Bank of England to consider additional interest rate hikes in response to persistent price pressures.
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.