- GBP/JPY pulled back from highs initially hit near 155.00 to 154.00 but remains within recent ranges.
- The pair is still trading higher after recovering from an initial weekly drop.
- There is notable resistance at the 153.00 area and resistance at 155.50.
The GBP/JPY remained within a range of 154.00-155.00 on Friday, as the pair continued to recover from its previous weekly decline to levels below 153.00. The pair, down as much as 0.75% at the start of the week, is now trading with weekly gains of around 0.15% at the 154.20 zone. A late yen bid on Friday that propelled the safe-haven currency to the top of the G10 yield chart saw the pair pull back from session highs near 155.00, but the pair continues to trade largely sideways on the day and in the last recent range.
Looking ahead to next week, technicians will be watching for support in the 153.00 area, where not only this week’s lows reside, but also the 200 day moving average. If another broad drop in risk appetite (such as what happened last week) sends the pair lower again, a break below this area would open the door for a test of the key 152.40/50 balance area which it has provided support and resistance since last time. September. Conversely, to the upside, traders should watch for notable resistance in the 155.50 area. The Bank of England policy announcement on Thursday will be the main economic event of the week.
Technical levels
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