GBP/JPY trades at fresh two-week highs above 134.00

GBP/JPY capitalizes on upbeat market mood on Wednesday.
GfK Consumer Confidence Index from UK will be released next.
BoE's Haskel says they keep negative rates under review.

Eren Sengezer FXStreet

The GBP/JPY pair fell to 133.00 area during the European trading hours pressured by risk-aversion but staged a decisive rebound in the second half of the day. The pair advanced to its highest level in two weeks at 134.23 in the last hour and was last seen trading at 134.05, gaining 0.17% on a daily basis.

GBP/JPY capitalizes on risk appetite

Improving market sentiment during the American session made it difficult for the JPY to find demand as a safe-haven. The upbeat macroeconomic data releases from the US revived hopes of a global economic recovery. Additionally, Biopharmaceutical New Technologies (BioNTech) announced on Wednesday that the COVID-19 vaccine that they co-developed with Pfizer yielded positive results in first human trials to further boost risk flows.

Reflecting the positive market environment, the 10-year US Treasury Bond yield is up more than 4% and the S&P 500 is gaining 0.6%.

Later in the day, the GfK Consumer Confidence data from the UK will be looked upon for fresh impetus. During the Asian session, Monetary Base and Foreign Bong Investment data will be featured in the Japanese economic docket.

Technical levels to watch for

GBP/JPY

Overview
Today last price	134.03
Today Daily Change	0.18
Today Daily Change %	0.13
Today daily open	133.85

Trends
Daily SMA20	134.75
Daily SMA50	133.34
Daily SMA100	134.62
Daily SMA200	137.58

Levels
Previous Daily High	133.89
Previous Daily Low	132.02
Previous Weekly High	133.99
Previous Weekly Low	131.77
Previous Monthly High	139.74
Previous Monthly Low	131.77
Daily Fibonacci 38.2%	133.18
Daily Fibonacci 61.8%	132.74
Daily Pivot Point S1	132.62
Daily Pivot Point S2	131.39
Daily Pivot Point S3	130.75
Daily Pivot Point R1	134.49
Daily Pivot Point R2	135.12
Daily Pivot Point R3	136.36

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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