GBP/USD remains bullish as USD/JPY rises as BoJ stays dovish
Outlook on GBP/USD and USD/JPY amid low volume, volatility trading into year-end.
GBP/USD continues to gradually rise
GBP/USD continues to push higher and nears its November peak at $1.2733 and Friday’s $1.2744 high ahead of last week’s high at $1.2762 in low volume trading as traders await the US Richmond manufacturing index. Resistance above the current December high at $1.2794 can be spotted at the 10 August high at $1.2819.
Support can be seen at Friday’s $1.2679 low and last Monday’s $1.2629 low.
USD/JPY still hovers above five-month December low
USD/JPY continues to flirt with its 200-day simple moving average (SMA) at ¥142.83 after the Bank of Japan’s (BOJ) Summary of Opinions revealed a divided panel who seem to be erring on the side of caution regarding tighter monetary policy as Japan inflation drops to a 16-month low.
Resistance above the 200-day SMA at ¥142.83 can be seen at Wednesday’s ¥143.27 low.
Friday’s low at ¥141.63 should offer support, if revisited.
This information has been prepared by IG, a trading name of IG Australia Pty Ltd. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
Start trading forex today
Trade the largest and most volatile financial market in the world.
- Spreads start at just 0.6 points on EUR/USD
- Analyse market movements with our essential selection of charts
- Speculate from a range of platforms, including on mobile
Live prices on most popular markets
- Forex
- Shares
- Indices