Forex: GBP/JPY tests 100 MA at 127,386
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GBP/JPY
FXstreet.com (Barcelona) - GBPJPY has soared throughout today's trading from an overnight low at 125,963 to where it is currently trading at 127,405.
The pair, currently testing the 100 MA at 127,386 has steadily climbed as JPY weakened following overnight disclosure that a Japanese election could be approaching soon. The news opens the door to a change of Government who will be pressuring the BoJ to adopt a much looser monetary policy. Whilst in other JPY crosses the ascent has been constant, some mildly soft UK Unemployment and Inflation data today has caused some short term disruption to the trend.
With the bulk of today's economic calendar complete, the FOMC minutes at 19:00 GMT is the remaining standout event scheduled. Elsewhere, US stocks are higher whilst Europe remains in the red. Commodities are up whilst critical European yields are down and stable.
The pair, currently testing the 100 MA at 127,386 has steadily climbed as JPY weakened following overnight disclosure that a Japanese election could be approaching soon. The news opens the door to a change of Government who will be pressuring the BoJ to adopt a much looser monetary policy. Whilst in other JPY crosses the ascent has been constant, some mildly soft UK Unemployment and Inflation data today has caused some short term disruption to the trend.
With the bulk of today's economic calendar complete, the FOMC minutes at 19:00 GMT is the remaining standout event scheduled. Elsewhere, US stocks are higher whilst Europe remains in the red. Commodities are up whilst critical European yields are down and stable.
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