GBP JPY

GBP/USD has been stalled at a key Fibonacci level for the past four weeks, but GBP/JPY has been trending decisively over that same period of time.

USD/JPY started the week with a strong breakout but that’s snapped back over the past three days, bringing with it questions around the trend in JPY.

GBP/USD retains breakout potential but it’s the four weeks of gains in GBP/JPY that’s of attraction for British Pound bulls.

USD strength has continued in the aftermath of the FOMC press conference yesterday, and USD/JPY is looking especially strong with a test of fresh highs.

The BoJ held rates at 0.5% as expected, but trade risks cloud the outlook. USD/JPY and GBP/JPY rally, with bulls eyeing 145 and 193 respectively.

USD/JPY tested a major level earlier this week but, so far, it’s held as support. EUR/JPY and GBP/JPY present compelling backdrops on each side of the Japanese Yen.

USD/JPY has put in a support bounce at a big spot on the chart following last Friday’s bearish engulf. GBP/JPY is of interest for JPY-weakness, and EUR/JPY for JPY-strength.

Yen weakness has continued to show, and USD/JPY has jumped up to a key Fibonacci level on the way to fresh three-week highs.

USD/JPY was on the verge of breakdown last week, but the pair has popped back above 150.00, which remains a critical level in the pair.

A weaker US dollar and Japanese yen has allowed GBP/USD and GBP/JPY to regain some lost ground. And both pairs can likely build upon these early gains, GBP/USD could be the outperformer.

The Japanese Yen has shown significant drive around U.S. CPI reports over the past few years, setting the stage for tomorrow’s release.