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GBP/JPY climbs to 1-week tops, inching closer to 143.00 mark

  • GBP/JPY gains traction for the third consecutive session on Wednesday.
  • The GBP adds to its recent gains amid absent negative Brexit headlines.
  • The safe-haven JPY was weighed down by the prevailing risk-on mood.

The GBP/JPY cross edged higher through the mid-European session on Wednesday and is currently placed near one-week tops, just below the 143.00 round-figure mark.

The cross gained some follow-through traction for the third consecutive session on Wednesday and was being supported by a combination of factors. In absence of any fresh (negative) Brexit-related headlines, the British pound added to this week's positive move and was seen as one of the key factors driving the cross higher.

A combination of factors remain supportive

This coupled with the prevailing risk-on mood continued weighing on the Japanese yen's safe-haven status and remained supportive of the ongoing positive momentum. Despite concerns over the economic impact of the deadly coronavirus, the expected additional stimulus measures by China boosted the global risk sentiment.

The cross has now recovered a major part of last week's losses and might now be eyeing a move towards reclaiming the 143.00 mark. Some follow-through buying might be seen as a key trigger for bullish traders and set the stage for a further near-term appreciating move amid absent relevant economic releases.

Technical levels to watch

 

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