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21 Jan 2020

GBP/JPY sits near session tops, around mid-143.00s

  • GBP/JPY turns positive for the second straight session post-UK jobs data.
  • A combination of factors might hold bulls from placing aggressive bets.
  • Reviving safe-haven might further contribute towards capping the upside.

The GBP/JPY cross rallied around 60-65 pips in the last hour and refreshed daily tops, around mid-143.00s post-UK jobs data.

The cross quickly reversed an early dip to sub-143.00 levels and turned higher for the second consecutive following the release of mostly upbeat UK employment details, especially wage growth figures.

UK jobs data provided a modest lift to the GBP

In fact, Average Earnings (Including Bonus) recorded a growth of 3.2% during the three months to November and matched the previous month's reading as compared to a modest downtick to 3.1% expected.

Adding to this, the number of people claiming unemployment-related benefits fell to 14.9K in December and the previous month's reading was also revised lower to 14.9K from 28.8K reported earlier.

The data provided a modest lift to the British pound helped the cross to add to the previous session's intraday uptick, albeit a combination of factors held bulls from placing aggressive bets and capped gains.

Against the backdrop of fears of a no-deal Brexit at the end of this year, speculations that the BoE will cut interest rates at its upcoming meeting on January 30 might continue to weigh on the sterling.

This coupled with a turnaround in the global risk sentiment – led by concerns of the corona-virus outbreak in China – might continue to benefit the Japanese yen's safe-haven status and keep a lid on the positive move.

Hence, it will be prudent to wait for some strong follow-through buying, possibly a sustained move beyond the 144.00 round-figure mark, before positioning for any further near-term appreciating move.

Technical levels to watch

 

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