GBP/JPY bulls eyeing a sustained recovery beyond 150.00 handle

Haresh Menghani FXStreet

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.

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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