GBP/JPY gains ground after hawkish BoE decision GBPJPY Crosses Currencies
in its testimony before the US Senate, which hinted at more rate hikes this year, further weakened the Yen. All eyes are now on inflation data from Japan.The Bank of England raised interest rates from 4.5% to 5% with seven members of the Monetary Policy Committee agreeing to a rate hike while two of them voted to hold the rates steady.
As a reaction, the British Bond market is experiencing increases in yields across different maturities. The 10-year Bond yield has climbed to 4.43%, while the 2-year yield is at 5.14%, and the 5-year yield is at 4.63%.
On the other hand, market participants will keep an eye on Japanese inflation data from May in the early Friday Asian session. The headline Consumer is expected to accelerate to 4.1% YoY in May and the core measure to 4.4% YoY. In that sense, a hot inflation reading may force the Bank of Japan to reconsider its ultra-dovish stance and consider rate hikes.on the daily chart. However, the Relative Strength Index and Moving Average Convergence Divergence are both showing signs of exhaustion, indicating that the upside potential for the GBP is limited without a healthy downward correction.
In case the cross continues to gain traction, the following resistance line up at the daily high at 182.55, followed by the next round levels at 183.00 and 183.50. On the other hand, supports are seen at 182.00,181.00 and 180.00.
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