GBP/JPY: Trims losses, trades around 50-day MA

GBP/JPY gapped lower in Asia on string of bad news.
China's coronavirus scare continues to keep risk assets under pressure.
US embassy in Baghdad came under missile attack over the weekend.
GBP/JY's bounce from session lows could be short-lived if risk-off worsens.

Omkar Godbole FXStreet Contributor

GBP/JPY has bounced up from session lows and is currently flirting with the 50-day moving average at 142.46.

Gap down open

The pair opened the week lower at 142.43 and fell to a low of 142.05 as the futures on the S&P 500 dropped and the yen picked up an early bid on a string of risk-off news.

While China continued to struggle to tame the coronavirus over the weekend, the US embassy in Baghdad came under attack with three missiles landing near the troops.

Further, the Trump administration expanded its trademark steel and aluminum tariffs to cover certain derivative products like imported nails, staples, electrical wires. Also, markets are worried that President Trump's trade ire may shift to Europe, given the trade tensions with China have eased with the signing of the phase one trade deal.

The bounce seen from session lows could be reversed if the risk-off tone in the equities worsens. At press time, the futures on the S&P 500 are down 0.86%.

Technical levels

GBP/JPY

Overview
Today last price	142.36
Today Daily Change	-0.54
Today Daily Change %	-0.38
Today daily open	142.9

Trends
Daily SMA20	143.13
Daily SMA50	142.55
Daily SMA100	139.57
Daily SMA200	137.75

Levels
Previous Daily High	144.42
Previous Daily Low	142.72
Previous Weekly High	144.61
Previous Weekly Low	142.72
Previous Monthly High	147.96
Previous Monthly Low	140.28
Daily Fibonacci 38.2%	143.37
Daily Fibonacci 61.8%	143.77
Daily Pivot Point S1	142.27
Daily Pivot Point S2	141.65
Daily Pivot Point S3	140.57
Daily Pivot Point R1	143.97
Daily Pivot Point R2	145.05
Daily Pivot Point R3	145.67

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

EUR/USD recedes to daily lows near 1.1770

EUR/USD is losing some momentun, easing to daily troughs around 1.1770 on turnaround Tuesday. The pair’s pullback comes amid solid gains in the US Dollar, all amid lingering uncertainty around US tariffs ahead of comments from Fed officials.

GBP/USD comes under pressure below 1.3500, focus on BoE

GBP/USD is on the defensive again on Tuesday, hovering below the 1.3500 mark as the Greenback stages a firm rebound after two soft sessions. Investors, in the meantime, are expected to closely follow BoE official’s comments later in the day.

Gold fades the advance, back to $5,100

Gold is giving back a good portion of the recent multi-day rally, receding to the boundaries of the $5,100 region per troy ounce amid the marked rebound in the Greenback. In the meantime, markets’ attention remain on upcoming comments from Fed speakers.

Crypto Today: Bitcoin, Ethereum, XRP come under renewed pressure amid ETF outflows, tariff uncertainty

Bitcoin, Ethereum and Ripple are trading under increasing selling pressure at the time of writing on Tuesday, as market participants navigate renewed tariff uncertainty. The Crypto King holds above $63,000, down 2% intraday from its $64,656 open.

The Citrini report: How a debatable AI narrative can shake Wall Street

That AI-related headline alone was enough to rattle investors.US stocks slid sharply on Monday after a widely circulated Citrini Research memo outlined a hypothetical “2028 Global Intelligence Crisis”, warning that rapid AI adoption could push US unemployment into double digits as early as by mid-2028.

Dogecoin, Shiba Inu, and Pepe extend losses on bearish signals

Meme coins are facing renewed selling pressure amid fading broad risk-on sentiment so far this week, with Dogecoin, Shiba Inu, and Pepe extending their losses after recent corrections.