GBP/JPY trims losses and approaches 131.00

GBP/JPY reversal has found support at 130.15 to bounce up towards previous lows at 130.70.
The Pound remains biased lower on concerns about the UK economic outlook.

Guillermo Alcala FXStreet

Pound’s reversal from highs above 133.00 earlier this week has extended to seven-week lows at 130.15, where the pair seems to have found support after reaching seven-week lows right above 130.00.

The pound dives on concerns about the UK economy

The pair has depreciated about 1.5% this week, weighed by investors concerns about the COVID-19 impact on UK economy and Brexit fears. Furthermore, the downbeat sentiment on the market has strengthened the safe-haven yen, adding negative pressure pon the pair.

The GBP/JPY is trimming losses after bouncing at 130.15, turning neutral on the day and struggling to return above previous lows at 130.70 yet, with the main technical indicators pointing lower.

GBP/JPY remains biased lower with the next target at 130.00

Near-term charts show the pair under pressure, while below previous May lows at 130.70, with immediate support at the 130.00 psychological level. Below here, the focus will be at 129.45 (March 22 high) and 128.55 (61.8 retracement of the March-April rally). On the upside, above May 13 low at 130.70, the pair might find resistance at 131.25 (May 12, 13 lows) and 131.95 (May 13 high).

GBP/JPY key levels to watch

GBP/JPY

Overview
Today last price	131.01
Today Daily Change	0.11
Today Daily Change %	0.08
Today daily open	130.9

Trends
Daily SMA20	132.84
Daily SMA50	132.92
Daily SMA100	137.71
Daily SMA200	137.11

Levels
Previous Daily High	131.94
Previous Daily Low	130.66
Previous Weekly High	133.56
Previous Weekly Low	130.66
Previous Monthly High	135.75
Previous Monthly Low	131.91
Daily Fibonacci 38.2%	131.15
Daily Fibonacci 61.8%	131.45
Daily Pivot Point S1	130.39
Daily Pivot Point S2	129.88
Daily Pivot Point S3	129.11
Daily Pivot Point R1	131.67
Daily Pivot Point R2	132.45
Daily Pivot Point R3	132.95

Author

Guillermo Alcala

FXStreet

Graduated in Communication Sciences at the Universidad del Pais Vasco and Universiteit van Amsterdam, Guillermo has been working as financial news editor and copywriter in diverse Forex-related firms, like FXStreet and Kantox.

EUR/USD tests nine-day EMA support near 1.1850

EUR/USD inches lower during the Asian hours on Monday, trading around 1.1870 at the time of writing. The 14-day Relative Strength Index momentum indicator at 56 stays above the midline, confirming improving momentum. RSI has cooled from prior overbought readings but stabilizes above 50, suggesting dips could stay limited before buyers reassert control.

GBP/USD flat lines as traders await key UK macro data and FOMC minutes

The GBP/USD pair kicks off a new week on a subdued note and oscillates in a narrow range, just below mid-1.3600s, during the Asian session. Moreover, the mixed fundamental backdrop warrants some caution for aggressive traders as the market focus now shifts to this week's important releases from the UK and the US.

Gold buyers hesitate amid holiday-thinned trading

Gold trades volatile, but within range, as US, China holidays-led thin trading exaggerates moves. The US Dollar extends range play into the US GDP week, with markets pricing at least two Fed rate cuts this year. Technically, Gold tests key support at $5,000; daily RSI still remains bullish.

Top Crypto Losers: Dogecoin, Zcash, Bonk – Meme and Privacy coins under pressure

Meme coins such as Dogecoin and Bonk, alongside the privacy coin Zcash (ZEC), are leading the broader market losses over the last 24 hours. DOGE, ZEC, and BONK ended their three consecutive days of recovery with a sudden decline on Sunday, as crucial resistance levels capped the gains. Technically, the altcoins show downside risk, starting the week under pressure.

Global inflation watch: Signs of cooling services inflation

Realized inflation landed close to expectations in January, as negative base effects weighed on the annual rates. Remaining sticky inflation is largely explained by services, while tariff-driven goods inflation remains limited even in the US.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.