+84 888161016

24/7 Customer Support

Mon - Sunday: 24/24

Online store always open

GBP/JPY pinning back into the week’s highs as market risk appetite recovers for Friday

October 6, 2023| Forex Market


  • The GBP/JPY is catching a late-week lift as investors jump back into risk assets.
  • Market sentiment has flipped positive to close out the trading week.
  • The US NFP printing has sent the entire market broadly risk-on and most pairs are recovering the week’s downside action.

The GBP/JPY is tapping into the week’s highs near 182.80 after catching a firm lift on rebounding investor market sentiment, climbing a full 1% from the day’s lows just past the 181.00 handle and is now testing 182.75 after a 180-pip climb.

Broader markets went firmly risk-on following the US Non-Farm Payrolls (NFP) data beat, with the NFP showing 336K jobs added to the US economy, well above the forecast 170K. Market sentiment has turned firmly bullish on the bumper reading, sending risk assets back into weekly highs, sending markets broadly into the green for the Friday trading session.

The GBP/JPY tapped into 182.80 on the post-NFP market run-up, and is currently trading into 182.70 as the trading week wraps up another Friday session.

Japanese Labor Cash Earnings missed expectations in the early Friday trading session, holding flat at the previous printing of 1.1% and flubbing market expectations of a rise to 1.5%, and Guppy traders will be looking ahead to Monday’s UK BRC Like-For-Like Retail Sales on Monday, which last showed similar retail sales rising 4.3% for the annualized period into August.

GBP/JPY technical outlook

The GBP/JPY is set to close out Friday’s trading session firmly bid, testing the week’s highs near 182.80 after rising from Friday’s early lows near the 181.00 psychological level.

The GBP/JPY is catching a near-term bullish bounce on the daily candles, climbing from Tuesday’s low near 178.00 and lifting into the 50-day Simple Moving Average (SMA) just north of current price action at 183.36.

The Guppy has been treading water in firmly bullish territory in the long-term, with candlesticks still trading well above the 200-day SMA at 172.00, and the tricky challenge for GBP/JPY bidders will be pushing the pair back above August’s highs past the 186.00 handle.

GBP/JPY daily chart

GBP/JPY technical levels


Source link

Categories: Trading tips

Get In Touch!

What type of Forex Tool(s) are you interested in ?
How can we reach you ?