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GBP/JPY testing the grounds of 174.00

FXStreet (Barcelona) - GBP/JPY is trading at 173.71, down -0.18% on the day, having posted a daily high at 174.31 and low at 173.39.

GBP/JPY has been up to test the upper range of the sideways channel at 174.00 resistances while GBP/USD has been performing solidly and despite the strength of the Yen at the start of the week. The pair may struggle in events that bring about further uncertainty and this week comes with the FOMC, which is sure to be a driver for the remaining weeks of the year.

Sterling may come under pressure due to the hint of fact that the BoE is unlikely going to start raising rates as soon as the start of 2015 and eyes will remain on wages and possible disinflationary pressures that would play a decisive part in the MPC's votes. In respect of Japan, this week comes with Japanese Retail Sales, Industrial Production, Employment, and Inflation before we have the BoJ meeting on Friday. So long as the economy remains on track, the BoJ seem to be very comfortable.

GBP/JPY noteworthy levels

Current price is 173.73, with resistance ahead at 174.03, 174.26 and 174.31. Next support to the downside can be found at 173.69 (Daily Classic PP), 173.42 (Daily 100 SMA), 173.39 (Daily Low), 173.32 (Daily 20 SMA) and 173.31 (Daily Classic S1).

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