GBP/JPY eases from tops, trades with modest gains below 154.00 mark

GBP/JPY gained some positive traction on Monday and snapped two days of the losing streak.
The optimism over the easing of COVID-19 measures in the UK underpinned the British pound.
A modest pickup in demand for the safe-haven JPY kept a lid on any further gains for the cross.

Haresh Menghani FXStreet

The GBP/JPY cross refreshed daily tops during the early European session, albeit retreated few pips thereafter. The cross was last seen trading with only modest gains, just below the 154.00 mark.

The cross attracted some dip-buying in the vicinity of mid-153.00s on Monday and stalled last week's retracement slide from levels beyond the key 155.00 psychological mark. This marked the first day of a positive move in the previous three sessions and assisted the GBP/JPY cross to recover a major part of its losses recorded on Friday.

As investors looked past last week's dovish Bank of England last week, the sterling found some support amid optimism over the possible easing of the remaining restrictions earlier than July 19. The new UK Health Secretary Sajid Javid will update MPs later this Monday on when the COVID-19 measures will be lifted in England.

The supporting factor, however, was offset by a pickup in demand for the safe-haven Japanese yen, which held traders from placing fresh bullish bets around the GBP/JPY cross. This makes it prudent to wait for some follow-through buying before positioning for any further gains amid absent relevant market moving economic releases.

Technical levels to watch

GBP/JPY

Overview
Today last price	153.93
Today Daily Change	0.28
Today Daily Change %	0.18
Today daily open	153.65

Trends
Daily SMA20	154.64
Daily SMA50	153.49
Daily SMA100	151.57
Daily SMA200	145.19

Levels
Previous Daily High	154.54
Previous Daily Low	153.6
Previous Weekly High	155.16
Previous Weekly Low	151.32
Previous Monthly High	156.08
Previous Monthly Low	150.93
Daily Fibonacci 38.2%	153.96
Daily Fibonacci 61.8%	154.18
Daily Pivot Point S1	153.32
Daily Pivot Point S2	152.99
Daily Pivot Point S3	152.38
Daily Pivot Point R1	154.26
Daily Pivot Point R2	154.87
Daily Pivot Point R3	155.2

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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