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GBP/JPY challenges 2014 highs

FXStreet (Córdoba) - GBP/JPY extended gains and retested September highs after data showed UK manufacturing PMI came in stronger than expected in October.

UK Markit manufacturing PMI rose to 53.2 last month from 51.6 in September and beating expectations of 51.2. The pound strengthened across the board and rose to its highest level in 6 weeks against the yen, but stalled at the same level it did back then, at 180.69. At time of writing, GBP/JPY is trading at 180.60, recording a 0.49% gain Monday, after posting an impressive 500-pip, or 2.86% following the announcement of further easing measures by the BoJ.

GBP/JPY levels to watch


If GBP/JPY breaks above 180.69, it will be trading at its highest in 6 years, with next resistances lining up at 181.00 (psychological level) and 181.35 (Oct 14 2008 high). On the other hand, supports are seen at 180.00 (psychological level), 179.64 (daily low) and 178.72 (Sept 23 high).

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