GBP/JPY plummets to fresh 6-month lows, below mid-134.00s


  • Persistent Brexit-related uncertainties continue to weigh on the British Pound.
  • Upbeat UK wage growth figures did little to lend support or stall the downfall. 
  • The focus now shifts to a scheduled speech by the BoE Governor Mark Carney.

The GBP/JPY cross remained heavily offered through the early European session and dropped to fresh six-month lows, around mid-134.00s in the last hour. 

The cross extended last week's rejection slide from the 136.00 round figure mark and remained under some selling pressure for the third consecutive session on Tuesday amid persistent Brexit-related uncertainties.

Adding to this, the prevalent cautious mood around equity markets further boosted the Japanese Yen's relative safe-haven status and collaborated to the pair's ongoing slide to the lowest level since early-January.

Meanwhile, Tuesday's upbeat release of UK average earnings data might extend some support to the British Pound and turned out to be the only factor helping ease the bearish pressure, at least for the time being.

However, given that the cross has already found acceptance below the key 135.00 psychological mark, any attempted bounce might now be seen as a selling opportunity and hence, runs the risk of fizzling out rather quickly.

Moving ahead, the BoE Governor Mark Carney's scheduled speech might influence market expectations about the central bank's monetary policy outlook and produce some fresh short-term trading opportunities.

Technical levels to watch

GBP/JPY

Overview
Today last price 134.7
Today Daily Change -0.37
Today Daily Change % -0.27
Today daily open 135.07
 
Trends
Daily SMA20 136.14
Daily SMA50 137.99
Daily SMA100 141.99
Daily SMA200 142.74
Levels
Previous Daily High 135.85
Previous Daily Low 134.94
Previous Weekly High 136.29
Previous Weekly Low 135.08
Previous Monthly High 138.33
Previous Monthly Low 135.37
Daily Fibonacci 38.2% 135.29
Daily Fibonacci 61.8% 135.5
Daily Pivot Point S1 134.73
Daily Pivot Point S2 134.38
Daily Pivot Point S3 133.82
Daily Pivot Point R1 135.63
Daily Pivot Point R2 136.19
Daily Pivot Point R3 136.54

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News

Editors’ Picks

Bears ignore Aussie holidays, cheer coronavirus news at fresh multi-week low near 0.6815

AUD/USD drops to 0.6814, with an intra-day low of 0.6811, during the early Monday morning in Asia. The fears of China’s coronavirus outbreak are dominating the market’s risk sentiment off-late.

AUD/USD News

USD/JPY: Coronavirus bearish gap breaks below 109

USD/JPY has dropped heavily in the open, breaking below the 109 handle to print a fresh low of 108.88 as traders prepare for a risk-off week when considering the implications of the Coronavirus. 

USD/JPY News

Are you anxious about Coronavirus? Well, so are the markets

There's so much we don't know about Coronavirus, which increases the level of concern from public health officials, you & I as well as the markets and we can expect a risk-off start to the week ahead of a pretty major schedule.

Read more

WTI: Bears pile in on Coronavirus and ME threats

WTI is starting out the day on the offer, opening in a bearish gap and extending the bear trend to a low of $52.19 and lowest levels since October. Global growth and risk-off themes are affecting the price.

Oil News

GBP/USD: 50-day SMA, 61.8% Fibonacci question sellers

Cable stays weak while declining to the intra-day low of 1.3068 by the press time of Monday’s Asian session. The pair registers 3 days losing streak while also forming a lower high pattern if observed its moves from Dec 2019 top.

GBP/USD News

Forex MAJORS

Cryptocurrencies

Signatures