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GBP/JPY – More Highs Ahead?
GBP/JPY has just made fresh multi-year highs and there may be more to come over the next few days. After being sold heavily for the better part of the month cable finally found some footing near the 1.5500 level and rebounded strongly today to break 1.5700 before retracing a bit. The not so dovish BoE minutes turned the tide for sterling and tonight’s Retail Sales if they print better than expected will help fuel the rally further. Meanwhile yen has weakened to 118.00 against the greenback and if tomorrow’s CPI numbers show a modicum of upside surprise GBP/JPY could see 187.00 be end of day.
Having taken out the key 185.00 level GBP/JPY has clear sailing all the way to 190.00 while the downside is supported by 180.00 as the upside bias remains firmly in place.