GBP/JPY scrambling to retake 139.50 after Wednesday's early slip

Guppy stuck in a rut as the pair struggles to keep above 139.00.
Chinese data starting off the new year with further signs of an economic slowdown.

Joshua Gibson FXStreet

GBP/JPY is recovering into 139.50 after an early Wednesday dip into 139.20 on the back of fresh risk aversion through broader markets to kick off 2019's trading, but the thinned-out post-holiday markets are seeing a mild recovery for the Guppy, though the pair remains ooff of the day's highs near 139.95.

The Asian market session saw a revival of broad risk aversion on the back of bad Chinese manufacturing data, with the Caixin Manufacturing PMI dipping into contraction territory for the first time since early 2017, sending intraday action back into safe havens including the JPY, which took a swing higher against the broad fx marketspace.

GBP/JPY Technical Levels

GBP/JPY

Overview:
    Today Last Price: 139.43
    Today Daily change: -55 pips
    Today Daily change %: -0.393%
    Today Daily Open: 139.98
Trends:
    Previous Daily SMA20: 141.72
    Previous Daily SMA50: 144.04
    Previous Daily SMA100: 144.93
    Previous Daily SMA200: 146.28
Levels:
    Previous Daily High: 140.11
    Previous Daily Low: 138.06
    Previous Weekly High: 141.04
    Previous Weekly Low: 138.86
    Previous Monthly High: 145.52
    Previous Monthly Low: 138.86
    Previous Daily Fibonacci 38.2%: 139.33
    Previous Daily Fibonacci 61.8%: 138.84
    Previous Daily Pivot Point S1: 138.66
    Previous Daily Pivot Point S2: 137.33
    Previous Daily Pivot Point S3: 136.61
    Previous Daily Pivot Point R1: 140.71
    Previous Daily Pivot Point R2: 141.43
    Previous Daily Pivot Point R3: 142.76

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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