The retreat in GBP/JPY stalled near 148.30, and from there the prices staged a solid recovery towards 149 handle.
GBP/JPY: Focus on Brexit vote
Currently, GBP/JPY advances +0.41% to 148.75, struggling hard to take-out 149 barrier. The GBP/JPY cross ran through fresh bids over the last hours and makes another recovery in a bid to completely reverse BOJ & BOE inaction-induced massive decline seen yesterday.
The cross finds support from a pick-up in buying interest in the cable from near 5-DMA, while USD/JPY moved-off lows, which also aids the upside attempt in GBP/JPY. The recovery can be also attributed to the suspension of Britain’s campaign on the EU referendum, which triggered a renewed risk-on wave in the markets.
GBP/JPY Levels to consider
The pair has an immediate resistance at 149 (round number), above which 149.64 (1h 100-SMA) would be tested. On the flip side, support is seen at 148.27/148.08 (daily low/ 1h 20-SMA) that at 147.
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