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8 Jan 2015
GBP/JPY consolidating and back on 180 handle
FXStreet (Guatemala) - GBP/JPY is currently trading at having printed a high of and a low of in Asia, post 179.56 lows overnight before a slight recovery back onto the 180 handle.
GBP/JPY remains in a phase of consolidation but off the lows with the greenback knocking the Yen down a peg or two. Sterling however has also been a victim of the US dollar and dropped to print fresh yearly lows before climbing back in defense of the 1.51 handle.
178 the figure remains a target for the bears in the cross and so long as there are plenty of reasons to remain cautious in the current global economic climate, the Yen is likely to benefit. Meanwhile, the UK economy doesn't warrant more than a "wait for now" approach from the BoE, pegging the pound down on its back foot as data continues to print negative.
GBP/JPY remains in a phase of consolidation but off the lows with the greenback knocking the Yen down a peg or two. Sterling however has also been a victim of the US dollar and dropped to print fresh yearly lows before climbing back in defense of the 1.51 handle.
178 the figure remains a target for the bears in the cross and so long as there are plenty of reasons to remain cautious in the current global economic climate, the Yen is likely to benefit. Meanwhile, the UK economy doesn't warrant more than a "wait for now" approach from the BoE, pegging the pound down on its back foot as data continues to print negative.