GBP/JPY making a run for 150.00 as Japan CPI just misses the mark

Sterling continuing to climb as Yen falls back.
Japan inflation disappointed, but expectations were not high.

Joshua Gibson FXStreet

The GBP/JPY is lifting through the Asia markets, testing just below the 150.00 major handle.

Risk appetite is finding itself healthily bid and the Yen is walking back in early Friday action following Japanese CPI figures that just missed expectations. Year-on-year national CPI came in at 0.6%, just beneath the forecast 0.7%, but overall market reaction remained mild as Tokyo CPI, released two weeks earlier, acts as a fairly reliable bellwether for inflation.

The Sterling has been recovering against the Yen since May's low of 147.04, and the pair has worked its way back to the major 150.00 level, a key price area that the GBP/JPY has cycled around since September of 2017. Friday is geared to be a quiet session for both currencies, and the Sterling is looking to cap the week off by solidifying the week's run against the Yen.

GBP/JPY levels to watch

The pair will begin to find support at the 200-day SMA near 149.25 if the bull run is able to maintain its legs, though April's swing high near 152.50 will pose a challenge for overeager bulls, and a bearish correction will need to clear May's low near 147.00 before pricing in fresh shortside.

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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