GBP/JPY climbs to fresh daily top, beyond mid-191.00s after mixed UK PMIs

Source Fxstreet
Apr 23, 2024 09:02

  • GBP/JPY gains some positive traction in reaction to the upbeat UK Services PMI.
  • A positive risk tone undermines the safe-haven JPY and further lends support.
  • Intervention fears might cap the upside for the cross ahead of the BoJ on Friday.

The GBP/JPY cross attracts some dip-buying near the 190.85-190.80 region on Tuesday and climbs to a fresh daily peak during the first half of the European session. Spot prices currently trade around the 191.60 area and look to build on the overnight bounce from a one-week low.

The British Pound (GBP) gets a goodish lift following the better-than-expected release of the flash UK Services PMI, which rose to 54.9 in April from the previous month's final reading of 53.1. Apart from this, a modest US Dollar (USD) downtick, to a larger extent, overshadows an unexpected contraction in the UK manufacturing sector and turns out to be a key factor acting as a tailwind for the GBP/JPY cross.

The Japanese Yen (JPY), on the other hand, continues with its relative underperformance in the wake of the Bank of Japan's (BoJ) cautious approach towards further policy tightening. Furthermore, hopes that the Iran-Israel conflict will not escalate further remain supportive of a generally positive risk tone, which further seems to undermine the safe-haven JPY and lends additional support to the GBP/JPY cross.

Traders, meanwhile, remain on alert in the wake of speculations that Japanese authorities will intervene to prop up the domestic currency. This is holding back the JPY bears from placing aggressive bets ahead of the crucial BoJ policy decision on Friday. In the meantime, speculations about more aggressive policy easing by the Bank of England (BoE) might further contribute to capping gains for the GBP/JPY cross.

GBP/JPY

Overview
Today last price 191.75
Today Daily Change 0.52
Today Daily Change % 0.27
Today daily open 191.23
 
Trends
Daily SMA20 191.59
Daily SMA50 190.71
Daily SMA100 187.55
Daily SMA200 185.61
 
Levels
Previous Daily High 191.7
Previous Daily Low 190.32
Previous Weekly High 192.84
Previous Weekly Low 190.3
Previous Monthly High 193.54
Previous Monthly Low 187.96
Daily Fibonacci 38.2% 190.85
Daily Fibonacci 61.8% 191.18
Daily Pivot Point S1 190.47
Daily Pivot Point S2 189.7
Daily Pivot Point S3 189.09
Daily Pivot Point R1 191.85
Daily Pivot Point R2 192.47
Daily Pivot Point R3 193.23

 

 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
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