GBP/JPY looking to test 156.90
Comments from the BOE’s Fisher in the Sunday Times have given the GBP an early boost to start the week. He was quoted in the Sunday Times as saying that policies were finally kicking in and business confidence is now quite striking. It’s amazing how confidence can become infectious so be careful about trying to pick tops in the GBP; remember that we are at longer-term cheap levels on most of the crosses.
EUR/GBP took out a barrier at .8400 on Friday and now GBP/JPY is aiming at a technical milestone. It’s already almost 1% higher on the session and the obvious target is trend highs at 156.80 (see chart).