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.
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