GBP/JPY rises to 147.00 boosted by a slide of the yen

GBP/JPY surges on the back of a weak yen following BoJ.
Pair testing the 20-day moving average ahead of FOMC and BoE meetings.

Matías Salord FXStreet

The GBP/JPY pair is rising on Tuesday, having the best day in weeks. It climbed to the 20-day moving average, supported by a decline of the Japanese yen following the Bank of Japan meeting.

The pair approached monthly lows earlier and bottomed at 145.35. Then bounced sharply to the upside. It broke above yesterday’s highs and extended gains during the European session. Following the opening bell at Wall Street peaked at 146.99, the strongest level since July 19. During the last hours, it was has been moving sideways in the 146.45/147.00 range consolidating gains.

The Bank of Japan maintained its short-term interest rate target at -0.1% and a pledge to keep the 10-year yield around zero. The central bank mentioned it would allow long-term rates to fluctuate depending on economic and price developments. The yen weakened after the meeting. Attention now turns to Fed’s meeting on Wednesday and the Bank of England decision on Thursday.

Technical levels

The pair holds a bullish tone in the short-term but the momentum eased. To the upside, resistance levels might be located at 147.00 (daily high), 147.40 and 147.70. On the flip side, support could be seen at 146.50, followed by 146.05/10 and 145.70.

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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