GBP/JPY rallied back to 155.00 level as risk appetite revival undermines yen demand

GBP/JPY reclaimed the 155.00 level on Friday, the pair lifted as a risk appetite revival undermined yen demand.
But GBP/JPY continues to trade lower by about 0.8% on the week and ongoing uncertainty regarding geopolitics.

Joel Frank Independent Analyst

GBP/JPY was able to reclaim the 155.00 level on Friday, with the pair lifted as a strong recovery in US equity markets and other risk assets dampened demand for the safe-haven yen. At current levels just to the north of the big figure, the pair now trades with gains of more than 1.0% versus Thursday’s lows. From a technical standpoint, the fact that the 200-Day Moving Average at 153.39 held up so well on Thursday (it literally formed the low point of the day’s trade) is a good sign for the bulls.

But GBP/JPY continues to trade lower by about 0.8% on the week and ongoing uncertainty regarding geopolitics and how the war in Ukraine will impact the European/global economy may mate it difficult for the pair to push substantially higher. The West’s sanction response so far to Russia has been seen as soft and there is still hope for a diplomatic solution to the war but fighting in Ukraine is intensifying and casualties are piling up. Depending on developments over the weekend, things really could go either way for GBP/JPY.

GBP/Jpy

Overview
Today last price	154.96
Today Daily Change	0.18
Today Daily Change %	0.12
Today daily open	154.78

Trends
Daily SMA20	155.98
Daily SMA50	155.32
Daily SMA100	154.42
Daily SMA200	153.45

Levels
Previous Daily High	155.89
Previous Daily Low	153.37
Previous Weekly High	157.29
Previous Weekly Low	155.31
Previous Monthly High	157.77
Previous Monthly Low	152.91
Daily Fibonacci 38.2%	154.33
Daily Fibonacci 61.8%	154.93
Daily Pivot Point S1	153.47
Daily Pivot Point S2	152.16
Daily Pivot Point S3	150.95
Daily Pivot Point R1	155.99
Daily Pivot Point R2	157.2
Daily Pivot Point R3	158.51

Author

Joel Frank

Independent Analyst

Joel Frank is an economics graduate from the University of Birmingham and has worked as a full-time financial market analyst since 2018, specialising in the coverage of how developments in the global economy impact financial asset

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