GBP/JPY pinning back into the week's highs as market risk appetite recovers for Friday

The GBP/JPY is catching a late-week lift as investors jump back into risk assets.
Market sentiment has flipped positive to close out the trading week.
The US NFP printing has sent the entire market broadly risk-on and most pairs are recovering the week's downside action.

Joshua Gibson FXStreet

The GBP/JPY is tapping into the week's highs near 182.80 after catching a firm lift on rebounding investor market sentiment, climbing a full 1% from the day's lows just past the 181.00 handle and is now testing 182.75 after a 180-pip climb.

Broader markets went firmly risk-on following the US Non-Farm Payrolls (NFP) data beat, with the NFP showing 336K jobs added to the US economy, well above the forecast 170K. Market sentiment has turned firmly bullish on the bumper reading, sending risk assets back into weekly highs, sending markets broadly into the green for the Friday trading session.

The GBP/JPY tapped into 182.80 on the post-NFP market run-up, and is currently trading into 182.70 as the trading week wraps up another Friday session.

Japanese Labor Cash Earnings missed expectations in the early Friday trading session, holding flat at the previous printing of 1.1% and flubbing market expectations of a rise to 1.5%, and Guppy traders will be looking ahead to Monday's UK BRC Like-For-Like Retail Sales on Monday, which last showed similar retail sales rising 4.3% for the annualized period into August.

GBP/JPY technical outlook

The GBP/JPY is set to close out Friday's trading session firmly bid, testing the week's highs near 182.80 after rising from Friday's early lows near the 181.00 psychological level.

The GBP/JPY is catching a near-term bullish bounce on the daily candles, climbing from Tuesday's low near 178.00 and lifting into the 50-day Simple Moving Average (SMA) just north of current price action at 183.36.

The Guppy has been treading water in firmly bullish territory in the long-term, with candlesticks still trading well above the 200-day SMA at 172.00, and the tricky challenge for GBP/JPY bidders will be pushing the pair back above August's highs past the 186.00 handle.

GBP/JPY daily chart

GBP/JPY technical levels

GBP/JPY

Overview
Today last price	182.74
Today Daily Change	1.68
Today Daily Change %	0.93
Today daily open	181.06

Trends
Daily SMA20	182.3
Daily SMA50	183.33
Daily SMA100	181.06
Daily SMA200	172.15

Levels
Previous Daily High	181.08
Previous Daily Low	180.29
Previous Weekly High	183.03
Previous Weekly Low	180.89
Previous Monthly High	185.78
Previous Monthly Low	180.82
Daily Fibonacci 38.2%	180.78
Daily Fibonacci 61.8%	180.59
Daily Pivot Point S1	180.54
Daily Pivot Point S2	180.02
Daily Pivot Point S3	179.75
Daily Pivot Point R1	181.33
Daily Pivot Point R2	181.6
Daily Pivot Point R3	182.12

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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