GBP/JPY Turns Positive, Aims for 154+ Levels
GBP/JPY cross turned positive on the day and is now looking to take out offers around 154.00 levels as bid tone around Yen lost steam.
Supported by 152.51
Prices turned higher from the low of 152.51 as JPY bulls ran out of steam, thereby opening doors for a technical recovery in USD/JPY to 108.50 levels. Meanwhile, GBP/USD found fresh bids as it recovered above 1.4164 and moved to near 1.42 levels.
Ahead in the day, the cross could indeed move above 154 levels if the gap filling exercise in crude oil continues. Meanwhile, stock market activity in the US could influence the cross as well.
GBP/JPY Technical Levels
The immediate hurdle is seen at 154.22 (23.6% of 162.58-151.64), above which prices could target 154.65 (5-DMA). On the other hand, a break below 153.50 (Apr 12 low) would expose strong support at 151.64 (Apr 7 low).