GBP / JPY explores levels below 157.00 as the yen recovers

Get real time updates directly on you device, subscribe now.

  • GBP retraces from 158.20 to test levels below 157.00.
  • The yen appreciates for risk aversion.
  • GBP / USD: Heading towards 163.91 while above 156.60 – Credit Suisse.

The GBP it has given up all the ground it has gained in the last two days, against a stronger JPY, helped by a deterioration in market sentiment. The pair GBP/USD has retreated from multi-year highs at 158.20 to test prices just below 157.00

The yen appreciates due to risk aversion

Risk-sensitive sterling continues to sell on Thursday, and the yen is racking up as investors race to safe assets. As US corporate earnings failed to extend the positive mood seen in previous days, concerns about supply chain disruptions and the timing of the Fed’s monetary policy normalization have returned to the limelight. .

US stock markets are trading mixed on Thursday. The Dow Jones and S&P 500 indices are down 0.4% and 0.36% respectively, while the Nasdaq index has appreciated 0.38%. Disappointing quarterly earnings from tech company IBM dampened sentiment and boosted demand for the safe-haven yen.

On the macroeconomic agenda, in the absence of key releases in the UK and Japan, better-than-expected weekly US jobless claims and strong US home sales figures will supply bottlenecks.

GBP / JPY: Heading to 163.91 while above 156.60 – Credit Suisse

From a technical perspective, Credit Suisse’s currency analysis team maintains its positive bias while support at 156.60 remains: “With a significant base already established in February 2021, we are looking for a move to the next resistance at 159.80 , then 163.91 (…) the highs of 156.62 / 06 should now level the market in the medium term. “

Technical levels


Get real time updates directly on you device, subscribe now.

Leave A Reply

Your email address will not be published.