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GBP/JPY making easy work of a come back

FXStreet (Barcelona) - GBP/JPY is trading at 170.92, down -0.08% on the day, having posted a daily high at 171.10 and low at 170.81.

Sterling has been a better performer and took the Yen through 170.00 with ease and wasn’t stopping there. GBP/JPY breached the 171 handle but has some work to do if it is going to cover ground lost at the start of the week. Fundamentally, there has been little out in the way of data and the market had not really taken further notice of BoJ’s Kuroda beating the same drum, reiterating that the Bank of Japan are to continue on with their Qualitative and Quantitative Easing programme until the 2.0% price target is achieved. Risks of course weigh on GBP/JPY in a risk off environment.

GBP/JPY noteworthy levels

Spot is presently trading at 170.93, and next resistance can be seen at 170.96 (Hourly 100 SMA), 171.02 (Weekly Classic S2) and 171.21 (Daily Classic R1). Support below can be found at 170.81 (Daily Low), 170.10 (Hourly 20 EMA) and 169.61 (Daily Classic PP).

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