Technical Analysis

GBP/JPY touches a high of 144.20 on the day


The pound is posting some notable gains across the board now being dragged higher as a result of GBP/JPY’s bounce today. The pair now surges to a high of 144.20 after having cleared the 144.00 handle as risk continues to rally on the session.

E-minis are now up by 0.8% on the day and that is giving renewed life to yen pairs as they continue to move higher on the day:

The rebound in GBP/JPY also comes after the pair tested and held the daily support from the 76.4 retracement level @ 143.39. That was the same level which supported the downside move back in the end of May.

In terms of near-term levels, the 100-hour MA sits at 144.52 and will prove to be the first key resistance test so long as risk continues to support a move higher in the pair. For sellers, hold below that and near-term bias remains more bearish.

But it’s all about risk sentiment right now ahead of the US trading session, so keep an eye on yen pairs and equities today. These will be the key movers in the day ahead.

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