GBP/JPY: Bulls conquer 140 handle amid fresh JPY selling

The rebound in the GBP/JPY cross picks-up pace in the European session, with the bulls sending the rate back above 140 handle.

GBP/JPY awaits Fedspeak, BOE MPC Haldane

The GBP/JPY pair now advances +0.25% to trade near session tops of 140.06, extending the break higher from 139.30 region. The cross staged a solid comeback and rallied hard in Europe, initially, as the stops in cable got triggered above 1.2410 levels.

Thereafter, a fresh bout of selling interest seen in the Japanese yen against its American counterpart, also added to the renewed uptick in GBP/JPY. The USD/JPY pair accelerated its recovery from near 112.50 to now flirt with daily highs of 112.77, as the bulls ignored softer tones seen around the European indices.

Markets now await the FOMC member Evans speech, followed by a speech from the BOE MPC member Andy Haldane scheduled later in the NA session for fresh impetus on the spot.

GBP/JPY: Technical Levels                                                                               

Higher side: 140.23 (March 16 high), 140.50/57 (Mar 10 & 11 high), 140.90 (50-DMA)

Lower side: 139.58/45 (daily pivot/ classic S1), 139/138.99 (round number/ Mar 9 low), 138.50/38 (psychological levels/ Mar 8 low)

    1. R3 139.94
    2. R2 139.83
    3. R1 139.68
  1. PP 139.57
    1. S1 139.43
    2. S2 139.32
    3. S3 139.17