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Forex: GBP/JPY trading at 150.46/49 after BoE minutes

FXstreet.com (Barcelona) - The GBP/JPY has pulled back, paring some of its advances Wednesday on the heels of the BoE minutes and a tranche of economic data out of the United Kingdom. In these moments, the pair is settling at 150.19/26, still en route to a +0.28% gain.

According the Mataf.net technical analyst team, the GBP/JPY will face resistive corrective measures levels 151.40, then 152.33, and finally 154.09. Should any gains be pared, supports lie below at 148.71, 146.95, and finally 146.02.

In the United Kingdom, the Claimant Count Change (March) yielded a result of -7.0K, against expectations of 0.0K. Moreover, the ILO Unemployment Rate (3M) came in at 7.9% in February, against projections of +7.8%.

“The GBP/JPY maintained a bullish rebound to trade back above 150.50 resistance. The rebound was as strong as the previous selloff, suggesting a period of heavy volatility and fluctuations. Accordingly, we prefer to remain on the sidelines for now, as we may see another attempt to resume the recent sell-off.” notes the ICN.com analyst team.

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