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.

Ross J Burland FXStreet

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.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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