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GBP/JPY shying away from daily highs

FXStreet (Guatemala) - GBP/JPY is trading at 174.38, down -0.05% on the day, having posted a daily high at 174.55 and low at 174.37.

GBP/JPY has been lifted to monthly resistance here and highest levels for several weeks at 174.76 with Sterling rising with the tides as the greenback faced another bought of selling on the back of poor/mixed data releases in the early US session. However, it isn’t much of a week directly for the pound although we do have consumer sentiment coming out, but the focus will remain around the BoJ, Japanese data and FOMC.

We have already seen some decent fundamental developments for Japan with the retail sales that came in stronger than expected for the month of September that gave us 2.3% y/y and 2.7%m/m and now we await the Industrial Production. Further in we will see the Employment data and Inflation numbers before we even get to the BoJ meeting on Friday.

GBP/JPY noteworthy levels

Current price is 174.40, with resistance ahead at 174.47 (Weekly High), 174.48, 174.75 (Daily Classic R2) and 174.76. Next support to the downside can be found at 174.28 (Hourly 20 EMA), 174.27 (Daily Classic R1), 173.83 (Daily Classic PP) and 173.70.

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