GBP/JPY consolidates the recent losses as markets look for fresh clues.
Mixed feelings concerning Brexit, broad rise in safe-havens dragged the quote down the previous day.
Second-tier data from the UK, Brexit headlines can offer intermediate direction.
GBP/JPY recovers to 142.75 amid the initial Asian session on Friday. The pair began 2020 on the back foot amid a lack of Brexit clarity and softer-than-expected UK Manufacturing PMI. However, Japan’s off seems to trigger the quote’s pullback off-late.
The Guardian came out with the survey results from the BOE that said Growing numbers of business leaders in the UK believe Brexit uncertainty will take longer to resolve than the PM Boris Johnson pledged before the election. On the other hand, Credit Agricole says, We still expect to get more tangible evidence of the positive impact on business confidence from the abating political risks later in the UK this month with the risk of a no-trade deal Brexit still looming large on the horizon.”
Japanese markets are off for the week amid the New Year celebrations and hence most parts of the Asian session are likely to remain inactive. Also weighing on the sentiment is the year-start holiday mood and a lack of major catalysts elsewhere.
Even so, doubts over the phase-two talks of the US-China trade relations and the UK PM Johnson’s Adviser Dominic Cummings’ call for changes in civil services added to the safe-haven strength. Also supporting the rush to risk-safety was the US-Middle East tension.
As a result, the US 10-year treasury yields drop nearly 35 basis points to 1.87% the previous day while taking rounds to mostly the same levels by the press time.
Looking forward, the UK’s second-tier data like Construction PMI, Nationwide House Prices and Mortgage Approvals, could entertain short-term traders. However, the major moves are likely to look for trade/Brexit/political headlines.
Technical Analysis
50-day SMA level around 141.60 offers immediate support ahead of 140.00 and the 200-day SMA level of 138.00. In order to please buyers, prices need to stay strong beyond the 145.00 mark.
Additional important levels
OverviewToday last price142.71Today Daily Change0.07Today Daily Change %0.05%Today daily open142.64TrendsDaily SMA20143.19Daily SMA50141.56Daily SMA100137.43Daily SMA200137.97
LevelsPrevious Daily High144.2Previous Daily Low142.27Previous Weekly High144.98Previous Weekly Low140.28Previous Monthly High147.96Previous Monthly Low140.28Daily Fibonacci 38.2%143Daily Fibonacci 61.8%143.46Daily Pivot Point S1141.87Daily Pivot Point S2141.1Daily Pivot Point S3139.94Daily Pivot Point R1143.8Daily Pivot Point R2144.96Daily Pivot Point R3145.73
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