GBP/JPY pierces 185.00 as Pound Sterling surges
|- The GBP/JPY is climbing on Friday, tipping into 2-month highs.
- The Pound Sterling is lurching higher as market risk appetite returns.
- GBP set for its best weekly performance in five months.
The GBP/JPY has pierced the 185.00 handle as the market heads into the final hours of the trading week, pushing into an 8-week high as broad market risk appetite finds a firm recovery.
The Japanese Yen (JPY) has been on the back foot after a dovish Bank of Japan (BoJ) recently ruined all of their own hard work in verbally defending the beleaguered JPY.
The Pound Sterling (GBP) is catching a ride up the charts, pushing towards the front of the pack to come out in front as one of the winners on Friday, rebounding firmly against the Yen despite wavering in the mid-week after the Bank of England (BoE) held rates once more.
Economic data related to the GBP/JPY remains thin heading into next week, and GBP traders will be looking ahead to next Wednesday's appearance by BoE Governor Andrew Bailey, while Yen investors will want to keep an eye out for Japan's wage figures due early Tuesday, followed by JPY Trade Balance numbers on Wednesday.
GBP/JPY Technical Outlook
The GBP/JPY caught a bounce off an intraday rising trendline drawn from last week's bottoms near 180.80, and the pair is now trading into an 8-week high near the 150.0 major handle.
Daily candlesticks have the GBP/JPY trading back into the top side of the 50-day Simple Moving Average (SMA) which is currently grinding sideways near the 183.00 handle, and a bullish extension will see the Guppy set for a break of 2023's highs of 186.77.
Technical support is thin on the down side, but GBP/JPY sellers will be keeping a close eye on price action pulling back towards the last major swing low into the 178.00 level in early October.
GBP/JPY Hourly Chart
GBP/JPY Daily Chart
GBP/JPY Technical Levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.