GBP/JPY grinding towards 149.00

Sterling looking to continue a steady run-up against the Yen.
UK earnings data due on Tuesday sees a quiet Monday with thin data and shuttered Japan markets.

Joshua Gibson FXStreet

The GBP/JPY is seeing a little bit of pickup to kick off the new week after gapping lower into 148.40 to open Monday, but is now kicking into 148.70 ahead of a thin Asia session ahead.

Japan is taking the day off in observance of Marine Day, and the Pacific market window will see reduced volumes with Japanese traders enjoying a long weekend.

Monday will likewise be a quiet showing for the Sterling, with nothing on the economic data docket, and the pair will be strapped tightly to the broader market's overall risk appetite heading into the new week, though Tuesday will be bringing Average Earnings figures for the UK at 08:00 GMT, and GBP traders will be looking forward to the numbers release, especially as the UK economy continues to spin up amidst continued political tensions remaining at peak levels as Brexit negotiations continue to go nowhere, as much because of a lack of movement from EU leaders in Brussels compared to continuing fracturing within Prime Minister Theresa May's conservative ruling party, which remains divided on key Brexit topics.

GBP/JPY Levels to watch

The Guppy has been chugging bullishly for a few weeks now, steadily lifting through July's market action after hitting a bottom near 143.75. Bulls will be looking to push the pair over the current high near the major 149.00 level, with sights set on the critical 150.00 level.

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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