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GBP/JPY hoping to build a base from 148.00

  • The Yen takes a break, gives the Sterling a chance to step back up on the week.
  • Thin Asia-Pacific markets amidst Chinese holidays leaves the Guppy exposed to volatile lurches.

The GBP/JPY managed to eke out a gain on Wednesday in rough trading, clipping the 148.50 region before settling back into 148.20 for Thursday’s early overnight window.

The Brexit train has temporarily righted itself, with the UK’s Brexit Secretary Raab noting that Britain is still swinging to strike a deal with the EU by November. A November deal would leave only a rough four months before the final Brexit deadline next March, leaving little time for the UK to prepare for the final exit date, but Sterling bulls are stepping up on hopes of a smooth(ish) transition regardless, as broader markets await further developments as details remain thin as the clock continues to wind down.

The Yen was pushed down against the Pound as broader markets saw fit to pile into the Greenback in yesterday’s action, but Asia session market volumes promise to remain thin for the rest of the week with Chinese markets still shuttered for National Day holiday celebrations.

GBP/JPY levels to watch

The Guppy still remains off of the week’s highs at 149.42, but GBP bidders have managed to push the pair into the neighborhood of the week’s open near 148.30, and the trick for bulls will be to keep the pair on-balance without slipping back into near-term swing lows around 147.20, and keep the GBP/JPY pushing higher from the 148.00 key handle.

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