GBP/JPY bulls eyeing a sustained recovery beyond 150.00 handle
|The GBP/JPY cross recovered early lost ground to sub-149.00 level and refreshed session tops in the last minute.
The cross has witnessed some good two-way moves over the past 24-hours and the area near the 149.00 handle continues to offer good support. The recovery move, however, seemed lacking strong follow-through traction and the cross continued with its struggle to decisively move back above the key 150.00 psychological mark.
Improving investors' risk appetite for riskier assets, as depicted by strong rally across global equity markets, did little to dampen the strong bid tone surrounding the perceived safe-haven currency - Japanese Yen, and seems to be only factor capping gains.
There weren't any major market-moving economic releases due either from Japan or from the UK and hence, the cross seems more likely to extend its consolidative price action ahead of the upcoming UK monthly retail sales data, due for release on Friday.
Technical levels to watch
Momentum beyond the 150.00 handle is likely to confront fresh supply near the 150.35-40 region, above which a fresh bout of short-covering could lift the cross back towards the 151.00 handle.
On the flip side, the 149.00 mark remains an immediate support to defend, which if broken might now turn the cross vulnerable to break below the 148.00 handle and head towards testing the very important 200-day SMA support near the 147.60-55 region.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.