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11 Feb 2014
GBP/JPY extends recovery above 168.50
FXStreet (Córdoba) - The GBP/JPY rose more than a hundred pips on Tuesday and finished around 168.80, the highest close since January 30. The Yen was the worst performer weakened by risk appetite while the Pound was the best among European currencies.
From February lows the par has risen now more than 500 pips and continues to hold bullish momentum in the short-term ahead of the release by the Bank of England of the Inflation Report, that is likely to include changes in the forward guidance language.
GBP/JPY first test at 169.00
The pair has been able to hold above a previous important support level, at 168.50 and during the recent American session peaked at 169.09 but failed to hold above 169.00 and pulled back slightly. Above 169.00, the next resistance lies at 169.75/80 and above 170.15.
To the downside, the first support area lies between 168.15 and 167.90, and below at 167.20 (February 3 low) and 166.85.
From February lows the par has risen now more than 500 pips and continues to hold bullish momentum in the short-term ahead of the release by the Bank of England of the Inflation Report, that is likely to include changes in the forward guidance language.
GBP/JPY first test at 169.00
The pair has been able to hold above a previous important support level, at 168.50 and during the recent American session peaked at 169.09 but failed to hold above 169.00 and pulled back slightly. Above 169.00, the next resistance lies at 169.75/80 and above 170.15.
To the downside, the first support area lies between 168.15 and 167.90, and below at 167.20 (February 3 low) and 166.85.