GBP/JPY climbs back over 151.00

China's soft stance on trade lending a boost to market sentiment.
The challenge for risk buyers is to maintain confidence heading into the rest of the week.

Joshua Gibson FXStreet

The GBP/JPY lifted to capture the 151.00 handle, settling into 151.40 after climbing to 151.50 following China's positive trade message at the Boao Forum today.

China's President Xi Jinping delivered a measured and controlled response to ongoing trade tensions, and markets went risk-on as a result, with traders piling into the buy buttons.

Markets are hopeful that a peaceful resolution will be found for the current trade spat between the US and China, despite a lack of scheduled negotiations or meetings between the two countries.

GBP/JPY Levels to watch

The pair is extending into two-month highs, and bulls will be looking to push towards January's high at 156.60, but resistance will be found at an old swing point at 153.60, while shortselling will see the pair trading into support from the 34-day EMA at 149.60 and the 200-day SMA at 148.60

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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