GBP/JPY jumps closer to 147.00 mark ahead of no-deal Brexit vote

   “¢   Hopes that UK lawmakers will not support no-deal Brexit vote continues to underpin GBP.
   “¢   The prevalent risk-on mood dents JPY’s safe-haven appeal and remained supportive.
   “¢   Brexit-related headlines/developments might continue to act as an exclusive driver.

The GBP/JPY cross extended its steady intraday climb and inched back closer to the 147.00 handle during the early North-American session.

After a rather volatile trading action on Tuesday, led by the incoming Brexit headlines, the cross managed to regain positive traction and built on this week’s goodish bounce from near three-week lows amid some renewed buying around the British Pound.

With investors looking past the overnight rejection of the UK PM Theresa May’s amended Brexit deal, hopes that the UK Parliament will not support Wednesday’s no-deal Brexit vote turned out to be one of the key factors providing a strong boost to the British Pound.  

Meanwhile, the prevalent risk-on mood, as depicted by strong gains in the US equity markets, though did little to influence the Japanese Yen’s safe-haven status, remained supportive of the pair’s strong intraday rally back closer to the 147.00 round figure mark.  

It would now be interesting to see if bulls are able to maintain their dominant position or opt to lighten their position ahead of today’s UK parliament vote on leaving the European Union without any deal, which if rejected will be followed the last vote for an extension of Article 50 on Thursday.  

Technical levels to watch