GBPJPY pair trying to push higher in Asia session, meeting resistance. How is price currently trading? The 31 January GBPJPY Fundamental Analysis reveals.
31 January, GKFX – GBP/JPY continues to climb in Asia, trading above 154.00 with some resistance. GBP/JPY has largely reversed its bearish momentum, rebounding from the previous day’s low of 151.97.
- GBP climbing during Asian market session, meeting resistance.
- JPY reacting to BoJ comments dedicating to monetary easing.
The Yen lost some ground in the early Tokyo session, following comments from Bank of Japan Governor Kuroda that the BoJ is dedicated to an easy policy stance and will continue to maintain easy fiscal policies until inflation in Japan reaches target levels. Kuroda also reiterated that BoJ market operations will not indicate forward guidance, quickly followed by the BoJ increasing their purchases of 3-5 year Japanese Government Bonds from 300 to 330 billion Yen.
Sterling has retreated recently as Brexit woes and in-fighting within Theresa May’s governing Tory party; with little data on the cards, the UK currency was still able to shrug off a leaked Brexit report highlighting economic contraction within the UK following the completion of Brexit without an existing trade deal in place.
31 January GBPJPY Fundamental Analysis
Price is currently trading into swing support at 154.40 on the H4 charts, but the overall bullish trend on GBP/JPY Dailies is still very much intact, with the 34 EMA providing support for recent price and the 200-day SMA decidedly up. With the recent comments from Kuroda, the intraday price has a ceiling at 154.30 and nearest support is priced in around the pre-Tokyo low of 153.80.
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