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GBP/JPY - Above 150.00 and at 4-week high

  • GBP continues the ascent as markets price in progress on Brexit.
  • GBP/JPY jumps to 4-week high.

GBP/JPY moved above 150.00 yesterday and has extended the rally to a 4-week high of 150.83 on Brexit optimism.

Markets started pricing in Brexit optimism after Ireland’s EU Commissioner Phil Hogan said that he expects "movement" on the issue of the Irish border in the next few days, which has been a sticking point.

Meanwhile, the uptick in the treasury yields is keeping the Japanese Yen on the back foot. As of writing, the 10-year treasury yield is up close to two basis points at 2.392 percent.

Ahead in the day, the Pound is likely to remain well bid, unless wires report some kind of a fallout/bad news related to Brexit.

GBP/JPY Technical Levels

Currently, the pair is trading at 150.78. A break above 151.00 (psychological number) would open up upside towards 151.94 (Nov. 1 high). On the downside, breach of support at 150.00 (session low) could yield a pullback to 149.31 (50-day MA).

 

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