GBP/JPY Recovery Remains Capped by 154 ahead of UK Data

GBP/JPY Recovery Remains Capped by 154 ahead of UK Data

9 June 2016, 10:30
Roberto Jacobs
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GBP/JPY Recovery Remains Capped by 154 ahead of UK Data

The cross in the GBP/JPY stalled a minor-recovery just shy of 154 handle and now consolidates below the last as we await the UK trade figures due out shortly.

GBP/JPY trades below most major DMAs

Currently, GBP/JPY sinks -1% to fresh session lows of 153.84, unable to take on the recovery above 154 handle. The ongoing sell-off in both USD/JPY and cable has triggered a fresh selling wave in the GBP/JPY cross, drowning it to fresh three-day lows.

The yen is on the rise across the board amid persistent risk-off markets profile after oil prices turned negative, while cable fell back in the red and extends the downside ahead of the UK trade balance data.

GBP/JPY Levels to consider 

The pair has an immediate resistance at 154 (round number), above which 154.73 (5-DMA) would be tested. On the flip side, support is seen at 153.50 (round number) below that at 152.87 (Jun 6 Low).


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