GBP JPY

The Japanese yen weakened as hopes of productive US-China trade talks lifted sentiment. AUD/JPY and GBP/JPY technical setups signal potential upside.

USD/JPY has started recovery from last week’s sell-off and is now re-testing a major level at 145.00.

USD/JPY bounced from support as US dollar selling eased. Though with yen strength waning and the British pound outperforming the US dollar, GBP/JPY may be the better setup for bulls.

USD/JPY is trying to break a streak of seven consecutive red days, but surging Japanese yields brings the question as to whether macro forces may take over for the currency.

GBP/USD has been stalled at a key Fibonacci level for the past four weeks, but GBP/JPY has been trending decisively over that same period of time.

USD/JPY started the week with a strong breakout but that’s snapped back over the past three days, bringing with it questions around the trend in JPY.

GBP/USD retains breakout potential but it’s the four weeks of gains in GBP/JPY that’s of attraction for British Pound bulls.

USD strength has continued in the aftermath of the FOMC press conference yesterday, and USD/JPY is looking especially strong with a test of fresh highs.

The BoJ held rates at 0.5% as expected, but trade risks cloud the outlook. USD/JPY and GBP/JPY rally, with bulls eyeing 145 and 193 respectively.

USD/JPY tested a major level earlier this week but, so far, it’s held as support. EUR/JPY and GBP/JPY present compelling backdrops on each side of the Japanese Yen.

USD/JPY has put in a support bounce at a big spot on the chart following last Friday’s bearish engulf. GBP/JPY is of interest for JPY-weakness, and EUR/JPY for JPY-strength.