FXStreet (Mumbai) – The GBP/JPY pair has reportedly triggered stops to trade at 193.23 levels, its highest since September 29, 2008.
Focus on UK data
The pair rose to a multi-year high ahead of the data in the US, which could show unemployment rate stayed unchanged at 5.5%, while the average hourly earnings rose 2.1% year-on-year in three months to April. The uptick in the GBP/JPY comes on the back of a rise in the EUR/JPY above 139.00 levels.
Apart from the UK economic data, the Greece issue could also influence the pair. The Yen’s safe haven appeal may cap gains in the pair. However, at the moment, the Japanese Yen is showing signs of weakness across the board.
GBP/JPY Technical Levels
The immediate resistance is located at 194.48 (Feb 2005 low), above which the pair could target 197.00 (Apr. 2008 low). On the other hand, a break below 193.00 could see the pair re-test 190.69 (May 2015 high).
(Market News Provided by FXstreet)