Thursday, February 09, 2012 3:07 PM EST

Gbp/Jpy retracing move up from 144.58, feels effects of BoJ

Written January 26, 2010 at 1:32 AM EST by Vincent Facchino

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Since making a new high of 147.28 earlier in this session Gbp/Jpy has been on a steady decline due in part to commentary from the Bank of Japan. The BoJ said it remains committed to fighting deflation as gains in the yen risk stunting the country’s economic recovery. That being said “it’s highly probable the central bank will come under pressure to ease policy further as the economy loses steam,” said Teizo Taya, a former central bank board member.

The pair may be headed for a full retracement of move up from 144.58 (low from 1/22) as the yen continues to stengthen across the board. The 50% fibo at 145.93 should act as resistance , if the pair reverses its current momentum.

vincent_fx00005

Categories: Forex Trading | Tags: GBP/JPY

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