GBP/JPY Still Can Rise Again

The British pound kept its solid position against the greenback and yen seen earlier in the morning, amid the risk-on mood on global financial markets during Monday’s data-light session.

Japanese sovereign borrowing costs kicked off the new week little changed after the nation’s central bank skipped its bond buying operation under its ultramassive QQE program, while traders focused on a 30-year bond auction later in the week.

Yields on benchmark 10-year Japanese bonds were little changed at minus 0.081% during the morning European session, hovering above their previous all-time low of minus 0.135% snatched on March 18, when the minutes from the Bank of Japan (BoJ) indirectly pointed to further stimulus.

In the December quarter the economy contracted 0.3%, led by a slump in consumer spending, while growth indicators so far for the March quarter suggest the economy may have slipped back into recession. Exports have been particularly weak in recent months, plunging 13% in January and a further 4% in February.

In crude oil sector

Brent oil extended its rally on Monday, picking up energy from the bullish data seen last week, while traders continued to pin their hopes on Doha.

In the afternoon WTI futures rose 1.01% to $40.14 per barrel, climbing from an intraday low at $39.25 reached early in the morning, while Brent added 1.77% to $42.59 per barrel.

On the H4 chart GBPJPY Stochastic increases while moving Decrease volume illustrates the consolidation pattern from GBPJPY. For the next movement if GBPJPY in the near future could again break 153.81 resistance level there is a tendency bullish GBPJPY could widen again with the estimated price to test 154.55 area.

Buy for the price remains above 152.90

-Support: 152.03, 151.48, 150.70

-Resistance: 153.90, 154.36, 155.25

Source:: GBP/JPY Still Can Rise Again

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