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GBP/JPY jumps to session tops, inching closer to 143.00 mark

  • GBP/JPY snapped three consecutive days of winning streak on Thursday.
  • JPY benefits from reviving safe-haven demand and weighed on the cross.
  • The incoming UK political headlines exerted some additional pressure.

The GBP/JPY cross quickly reversed an early dip back closer to session lows and jumped to fresh session tops, around the 142.70-80 region in last hour.

The cross met with some fresh supply on Thursday, snapping three consecutive days of winning, and was weighed down by a combination of negative factors. The initial leg of the intraday slide was led by reviving safe-haven demand for the Japanese yen, amid some renewed concerns about the outbreak of the deadly coronavirus.

Pound influenced by incoming UK political headlines

The intraday selling bias remained unabated, rather picked up some pace in the last hour in reaction to the latest UK political headlines. The British pound eased further after the UK finance minister Sajid Javid was reported to have resigned by The Sun's political editor, Tom Newton Dunn, and also BBC political editor, Laura Kuenssberg.

Barring some initial reaction, the downtick lacked any strong follow-through selling and the cross has still managed to find some support ahead of the 142.00 round-figure mark. Hence, it will be prudent to wait for a subsequent slide below the mentioned handle before positioning for any further near-term depreciating move.

Technical levels to watch

 

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