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GBP/JPY - 50-day MA put to test on Brexit optimism

  • GBP strengthens on Brexit optimism.
  • Yen under pressure despite North

Optimism that the two sides - Britain and EU - are close to an agreement on the key obstacle is keeping the Pound well bid against the Yen this Wednesday morning in Asia.

As of writing, the GBP/JPY is trading at 149.05. The cross clocked a high of 149.34 (50-day MA) earlier today.

Pound saw solid two-way business yesterday before the bears finally gave-in to bulls on Brexit optimism. It was ported yesterday that Britain has offered to pay much of what the European Union was demanding to settle a Brexit "divorce bill. However, EU officials close to the negotiations stressed that work was still continuing ahead of May's visit to Brussels coming Monday. Still, hope that an agreement would be reached is keeping the Pound no the front foot.

Also, the Japanese Yen has come under pressure despite North Korea risks and the flat action in the treasury yields.

Ahead in the day, Brexit related news flow and the action in the treasury yields could continue to guide the GBP/JPY pair.

GBP/JPY Technical Levels

A move above 149.34 (50-day MA) would open up upside towards 150.00 (psychological hurdle) and 150.32 (Nov. 7 high). On the downside, breach of the session low of 148.61 could yield a pullback to 148.47 (5-day MA) and 148.00 (zero levels).

 

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