GBP/JPY
The British pound has appreciated over 18% to the Japanese yen this year as stubborn inflation has bolstered the odds of aggressive central bank tightening by the BOE. Pound-yen has steadily gathered strength in the first half of the year but exhaustion could be settling in. The pound initially rallied earlier in London after weekly hourly earnings came in scorching hot, which should raise the prospects of a half-point rate hike at the August 3rd BOE meeting. The pound may get a major boost against the dollar if it can extend above the 1.30 level, but for some traders it is looking toppish against the yen.
GBP/JPY may have a decent pullback if continued bearishness takes price below the bullish trendline that has been in place since March. Pound downside momentum could target 176.50 against the yen if the bullish trend line (around the 179.75 ) is invalidated.
Key resistance currently resides around the 184.20 level.
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