GBP/JPY clings to gains, climbs back closer to 147.00 mark
| • Renewed buying around the British Pound helped regain positive traction.
• Subdued JPY price action does little to provide any additional boost/impetus.
The GBP/JPY cross traded with a mild positive bias for the fourth consecutive session on Monday and inched back closer to over one-week tops set in the previous session.
After Friday's late pullback from the 147.00 handle, the cross regained some positive traction at the start of a new trading week and was being supported by fresh buying seen around the British Pound.
The GBP remained supported by the fact that the EU leaders granted the UK a second Brexit extension until Oct. 31 and got an additional boost on Monday after the UK Foreign Secretary Hunt said that the Brexit talks with the opposition Labour party were more constructive and detailed.
Meanwhile, a subdued/lacklustre trading action around the Japanese Yen did little to influence the momentum, with the GBP price dynamics turning out to be an exclusive driver of the pair's momentum through the mid-European session on Monday.
Hence, it would be prudent to wait for a sustained strength/follow-through buying beyond the mentioned handle before traders start positioning for any further near-term appreciating move towards reclaiming the 148.00 handle en-route the 148.20-225 supply zone.
Technical levels to watch
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.