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GBP/JPY: off highs, but on a strong footing

FXStreet (Mumbai) - The GBP/JPY pair shed a few pips after the UK trade deficit unexpectedly soared in August, but remains on a strong footing near 184.50 levels.

Risk-on supporting Sterling

The Oil driven risk-on rally in the equities is supporting Sterling and other risk assets. The London’s FTSE is on course for the biggest weekly rise in nearly four years. Consequently, the impact of the rise in the trade deficit has been muted to some extend.

Meanwhile, the safe haven Yen also remains on a weak footing. At the moment, the pair is up for the sixth consecutive session and appears poised for a weekly gain.

GBP/JPY Technical Levels

The immediate resistance is seen at 185.19 (200-DMA), above which a major resistance is seen directly at 187.11 (50-DMA). On the lower side, a break below 184.00 could see the pair re-test 183.76 (hourly 50-MA), followed by another support at 183.24 (hourly 100-MA).

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