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14 Apr 2015
GBP/JPY weakens ahead of the UK CPI report
FXStreet (Mumbai) - The Japanese Yen gained across the board in the Asian session, pushing the GBP/JPY lower to 175.45 levels.
Awaits UK CPI data
The pair fell into losses, mainly due top broad based JPY strength, ahead of the data in the UK, which is expected to show the headline inflation figure and the core inflation figure stayed unchanged in March. In February, the CPI year-on-year had dipped to zero, while the core inflation had eased to 1.2% from 1.4%.
Meanwhile, the Japanese Yen gained in the Asian session as traders digested PM Abe advisor Hamada’s comments on Monday that the Yen is overvalued at 120.00 as per purchasing power parity.
GBP/JPY Technical Levels
At the moment, the pair is trading at 175.62. The immediate support is seen at 175.30 and 174.52. On the other hand resistance is seen at 175.65 and 176.17 (5-DMA).
Awaits UK CPI data
The pair fell into losses, mainly due top broad based JPY strength, ahead of the data in the UK, which is expected to show the headline inflation figure and the core inflation figure stayed unchanged in March. In February, the CPI year-on-year had dipped to zero, while the core inflation had eased to 1.2% from 1.4%.
Meanwhile, the Japanese Yen gained in the Asian session as traders digested PM Abe advisor Hamada’s comments on Monday that the Yen is overvalued at 120.00 as per purchasing power parity.
GBP/JPY Technical Levels
At the moment, the pair is trading at 175.62. The immediate support is seen at 175.30 and 174.52. On the other hand resistance is seen at 175.65 and 176.17 (5-DMA).