GBP/JPY retreats from tops around 145.00

  • GBP/JPY fades the earlier move to peaks near 145.00.
  • Higher US yields fuel the selling bias in the yen.
  • UK Q4 GDP figures next on tap later this week.

The selling bias in the Japanese safe haven lifted GBP/JPY to fresh tops in levels just shy of the 145.00 mark earlier on Monday.

GBP/JPY in 1-year highs

GBP/JPY now turns negative in the 144.40 region, trimming part of the earlier advance to the proximity of 145.00 the figure, area last visited in February 2020.

Indeed, US yields – particularly the 10-year reference – continue its march north and puts the Japanese yen under further selling pressure. Also collaborating with the upside momentum in the cross, the recent BoE upbeat event lent extra legs to the sterling.

Later in the week, Governor Bailey is due to speak ahead of anticipated Q4 GDP figures expected on Friday.

GBP/JPY key levels

As the moment the cross is receding 0.13% at 144.45 and faces the next support at 142.84 (monthly low Feb.4) seconded by 144.95 (2020 high Feb.21) and finally 140.35 (low Jan.18). On the other hand, a break above 144.93 (2021 high Feb.8) would expose 147.97 (monthly high Dec.13 2019) and then 148.87 (2019 high Mar.19).

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