GBP/JPY sticks to modest losses, around mid-146.00s post-UK jobs data


The GBP/JPY cross held on to its weaker tone around mid-146.00s and moved little following the release of UK employment details. 

The cross failed to capitalize on its recent positive momentum and once again failed near the 147.00 round figure mark, snapping four consecutive days of losing streak. A modest pickup in demand for the Japanese Yen turned out to be one of the key factors prompting some long-unwinding trade, which coupled with a subdued GBP price action further collaborated to the pair's early dip to an intraday low level of 146.32.

Meanwhile, the British Pound found some support at lower levels after the latest UK jobs report showed that the UK average earnings including bonuses rose 3.5%, while earnings excluding bonuses held steady at 3.4% for the three months to February. Adding to this, the UK unemployment rate also remained unchanged at 3.9% during the reported period, though the positive readings were partly offset by an unexpected jump in the UK claimant count.

This coupled with the fact that cross-party talks between the UK PM Theresa May and opposition leader Corbyn, aimed to break the Brexit deadlock, are yet to produce any positive results might hold investors from placing any aggressive GBP bullish bets and further collaborated towards capping any meaningful up-move, at least for the time being.

Technical levels to watch

GBP/JPY

Overview
Today last price 146.52
Today Daily Change -0.21
Today Daily Change % -0.14
Today daily open 146.73
 
Trends
Daily SMA20 145.77
Daily SMA50 145.36
Daily SMA100 143.52
Daily SMA200 144.64
Levels
Previous Daily High 147
Previous Daily Low 146.35
Previous Weekly High 147.02
Previous Weekly Low 144.77
Previous Monthly High 148.88
Previous Monthly Low 143.72
Daily Fibonacci 38.2% 146.75
Daily Fibonacci 61.8% 146.6
Daily Pivot Point S1 146.39
Daily Pivot Point S2 146.04
Daily Pivot Point S3 145.73
Daily Pivot Point R1 147.04
Daily Pivot Point R2 147.35
Daily Pivot Point R3 147.69

 

 

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