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Forex: GBP/JPY testing the 149.00 level after UK CPI

FXstreet.com (Barcelona) - The GBP/JPY has managed to retain its daily gains Tuesday, after the release of a tranche of economic indicators out of the United Kingdom. During European trading, the cross has streamed ahead +0.84%, having settled at the 149.00 level in these moments.

According the Mataf.net technical analyst team, the GBP/JPY will face resistive corrective measures levels 150.86, then 153.76, and finally 155.98. Should any gains be pared, supports lie below at 145.74, 143.52, and finally 140.62.

In the United Kingdom, the Consumer Price Index (YoY) rose +2.8% in March, matching expectations. Moreover, the Consumer Price Index (MoM) climbed only +0.3%, missing a consensus of +0.4%. The Core Consumer Price Index (YoY) grew +2.4% in the month of March, beating projections that called for only +2.3%. Finally, PPI Core Output (YoY) n.s.a. came in at +1.3%, vs. estimates of +1.4%.

“The GBPJPY dipped yesterday towards 147.60 support level, but failed to hold and close the session below it, to rebound with the start of today’s session, approaching our first target for the weekly scenario at 150.00 level. A clear break above 149.50 will confirm a move higher, however for now we prefer to remain on the sidelines as the risk-rewards is inappropriate at the current levels.” notes the ICN.com analyst team.

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