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GBP/JPY hunting to regain the 149.00 handle ahead of UK PMI

2018-4-3 13:58:41Market Analysis
GBP/JPY hunting to regain the 149.00 handle ahead of UK PMI

The GBP/JPY is steadily lifting in the Asia session as the Yen slowly releases its grip following Monday's risk flight, and the pair is now trading back up near 149.00 with the European markets just around the corner.


It's a data-light week for the Yen, and the Sterling will be seeing the Markit Manufacturing PMI at 08:30 GMT today. The UK's PMI is expected to come in at 54.5, a decline from the previous reading of 55.2.


This week has kicked off in the hands of market sentiment as traders turn from macro indicators and underlying fundamentals to focus on risk sentiment ahead of the Non-Farm Payrolls risk event looming on Friday's horizon.


GBP/JPY Levels to watch


Monday's drop has pushed the pair even further into the 200-day SMA currently sitting nearby at 148.45, and the pair is struggling to develop bullish legs as the Sterling spent most of March trading upwards against the Yen, but progress has been halting and slow. The current challenge for bulls will be to keep the pair above support at the previous swing low of 147.70, while resistance is in place at last week's swing low of 149.00 with the week's fresh high of 149.65 further up.