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GBP/USD Stunted by CPI, USD/JPY Clears First Hurdle after BoJ

GBP/USD Stunted by CPI, USD/JPY Clears First Hurdle after BoJ

Christopher Vecchio, CFA, Senior Strategist

Talking Points:

- GBPUSD continues pullback from $1.6748, April 2011 high, 61.8% extension from July low.

- USDJPY above triangle resistance after BoJ expands policies.

- USDJPY still must clear ¥102.90 before bulls cleared.

To keep up with developments central banks and their policy changes, be sure to sign up for my distribution list.

It's the first full trading day of the week and the US Dollar is staging a modest comeback - not necessarily on its own strength but rather riding the weakness of others. Notably, the British Pound, one of the top performers in 2013 and thus far in 2014, continues to settle after testing a key technical level - price has been weighed by the softest UK CPI report since November 2009.

Elsewhere, the Japanese Yen finds itself on its backfoot once more after the Bank of Japan confirmed that its monetary base would expand by ¥60-70T annualized, while its short-term lending facilities would extend for another year.

--- Written by Christopher Vecchio, Currency Analyst

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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