GBP/JPY clings to gains above 139.00

Pablo Piovano FXStreet

After a brief test of the 139.00 region, GBP/JPY has regained traction and is now trading around the 139.25/30 band.

GBP/JPY gains capped above 140.00

The cross continues to navigate a consolidative theme around the critical 140.00 handle today, although a clear/more sustainable break above the current range still lacks a catalyst.

Choppy session for the cross so far, which continues to struggle to close the day with gains after two consecutive pullbacks. In the meantime, JPY will remain under pressure ahead of the key BoJ meeting on Friday, all against the backdrop of increasing rumours of further easing.

GBP/JPY key levels

As the moment the cross is advancing 0.06% at 139.19 facing the next hurdle at 143.25 (high Jul.15) followed by 144.50 (50% Fibo of post-Brexit down move) and finally 148.26 (55-day sma). On the other hand, a breach of 136.95 (20-day sma) would open the door to 136.19 (50% Fibo of post-Brexit down move) and then 128.77 (2016 low Jul.6).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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