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8 Apr 2019

GBP/JPY: Grappling with 200-hour MA in Asia, Brexit uncertainty lingers

  • The 200-hour moving average (MA) is proving a tough nut to crack for GBP bulls.  
  • UK's PM Theresa May is reportedly facing pressure at home to avoid the prospect of long Brexit delay. The EU, however, has less appetite for short extensions.
  • BOJ's Kuroda talked dovish on interest rates earlier today but failed to put a bid under the JPY crosses.

GBP/JPY is currently reporting moderate losses at 145.48, having faced rejection at the 200-hour MA line of 145.66 earlier today.

The lingering Brexit uncertainty is likely keeping Sterling bulls at the bay for the third straight day. The UK Prime Minister Theresa May is reportedly facing intense cabinet pressure to avoid the prospect of a long Brexit delay on the belief that a last-minute cross-party talk is unlikely to produce anything concrete on departure plan.

The European Union (EU), meanwhile, has less appetite for short extensions. Therefore, a no-deal sentiment is growing ahead of the upcoming April 12 Brexit deadline, keeping the GBP under pressure.

Bank of Japan (BOJ) Governor Kuroda was on the wires earlier today stating that the central bank will keep expanding the monetary base until consumer inflation stably exceeds 2 percent and will maintain both short and long-term interest rates at the current very low levels for an extended period.

So far, however, Kuroda's dovish comments have failed to lift JPY crosses. Looking forward, GBP/JPY may extend the decline on Brexit uncertainty.

Technical Levels

 

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