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Forex: GBP/JPY up to 141.40/45 after UK PMI Construction

FXstreet.com (Barcelona) - After a first drop to 140.90 low on the London opening, the GBP/JPY quickly retraced back to the opening price of 141.11 and started climbing the chart ahead of the UK PMI Construction. On the release, the cross printed a high at 141.45 and, after some profit taking, it remains around the daily highs.

UK PMI Construction rose from 46.8 to 47.2 in March, although staying below the 47.5 consensus. Also out was the preliminary release of EMU CPI in March, coming in at 1.7% from 1.8%, as expected. Investors will remain on their toes ahead of the BoJ meeting overnight, expected to change policy tools and extend easing, and the BoE announcement tomorrow on the London session.

“GBP/JPY is still confined within its horizontal range between the support at 140.57 (07/03/2013 low) and the resistance at 145.90 (18/02/2013 high)”, wrote MIG Bank analysts Bijoy Kar and Luc Luyet, favoring a test of the low of this range in case of a break of the hourly support at 141.90 (25/03/2013 low). “Hourly resistances can be found at 141.85 (intraday high) and 142.62 (intraday high)”, they added.

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