GBP/JPY recovery gathers steam amid Asian stocks rebound

Dhwani Mehta FXStreet

A renewed risk-on wave appears to grip the markets amid a minor pull back seen in the Asian equities, offering much-needed respite to the cross in the GBP/JPY.

GBP/JPY recovers 1 big figure

Currently, GBP/JPY jumps +0.58% near fresh session highs of 150.71, extending rebound from three and a half years low struck yesterday at 149.21. The pound remains strongly bid against its American counterpart ahead of the European stocks, as a better sentiment towards risky assets reinforced the demand for GBP/JPY.

Further, the pound finds support from stalled selling in the UK benchmark 10-year Gilt yields, with the yields now trading flat around 1.145%, having moved-off record low hit at 1.115%.

Meanwhile, focus now remains on the sentiment on the European stock markets ahead of the UK jobs report due later this session. While FOMC decision is likely to hog the limelight this Wednesday.

GBP/JPY Levels to consider

The pair has an immediate resistance at 151 (round number), above which 151.95 (1h 100-SMA) would be tested. On the flip side, support is seen at 150.09 (daily pivot) that at 149.21 (round number).

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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