GBP/JPY is testing weekly highs ahead of BoE’s Carney speech


Share:
  • The GBP/JPY got a boost on combining factors including better prospects for Brexit.
  • The Bank of England Governor Carney is slated to speak at 19:00 GMT.

The GBP/JPY is trading at about 152.47 up 0.75% as it is trading at weekly highs. 

The British pound saw a fresh wave of buying in the London session as the geopolitical turmoil is momentarily taking a breather and the UK's Brexit Secretary David Davis made some encouraging comments about the Brexit. He said that the odds of a “no deal” are very small and he is not foreseeing that the EU-UK divorce will lead to the financial services migrating out of the UK. 

The yen is a safe-haven in times of uncertainties. Trump is dialing down his rhetoric as he recently tweeted: "never said when an attack on Syria would take place. Could be very soon or not so soon at all!" Which saw the yen and gold, both safe-haven assets lose value. On Wednesday, President Trump warned Russia to “get ready” as he was planning an airstrike on Syria. 

Weakness of Japanese Yen is underlined by ever dovish comments from the Bank of Japan (BoJ) Governor Kuroda. Kuroda said earlier on Thursday that “the BoJ will maintain QQE (Quantitative and Qualitative Monetary Easing) with yield curve control for as long as needed to achieve 2% inflation in stable manner” which comes in-line with current monetary policy guidelines and is not as much as a surprise for the market, however enough to keep the yen from rising in the current environment.

Coming up next in the UK is the Bank of England Governor Mark Carney speech in Toronto, who is scheduled to deliver closing remarks at the Public Policy Forum's Canada growth summit.

GBP/JPY 4-hour chart

Bulls are in control as the pair is headed towards the 153 figure and 154.05 swing high resistances. Support lies at 151.17 and 149.89 swing lows.

Share: Feed news

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content

Editors’ Picks

EUR/USD stabilizes above1.0800, looks to post weekly gains

EUR/USD stabilizes above1.0800, looks to post weekly gains

EUR/USD continues to trade in a tight channel above 1.0800 in the second half of the day on Friday, as the improving risk mood makes if difficult for the USD to gather strength. The pair remains on track to snap a five-week losing streak.

EUR/USD News

GBP/USD clings to modest daily gains above 1.2650

GBP/USD clings to modest daily gains above 1.2650

GBP/USD trades in positive territory above 1.2650 in the American session on Friday. The bullish opening in Wall Street doesn't allow the USD to gather strength and helps the pair stay on track to close higher for the fifth consecutive day.

GBP/USD News

Gold holds steady above $2,020 as US yields edge lower

Gold holds steady above $2,020 as US yields edge lower

Gold regained its traction and stabilized above $2,020 after falling below this level during the European trading hours. The benchmark 10-year US Treasury bond yield is down nearly 1% on the day below 4.3%, allowing XAU/USD to keep its footing heading into the weekend.

Gold News

Ethereum price risks decline as increasing exchange supply raises chances of profit taking

Ethereum price risks decline as increasing exchange supply raises chances of profit taking

Ethereum price crossed $3,000 several times this week but the altcoin failed to sustain above this key level, raising concerns regarding its price trend. ETH price faces the risk of decline as the supply of the altcoin on exchanges is on the rise. 

Read more

Up go stocks, down go bonds

Up go stocks, down go bonds

We knew that yesterday was going to be a good day – at least for the stock markets, given that Nvidia defied the expectations that it would - maybe – fail to deliver $20bn sales in the latest quarter. 

Read more

Forex MAJORS

Cryptocurrencies

Signatures