The GBP/JPY pair found takers below 156.36 (50% of 116.84-195.88) as the selling frenzy in Sterling came to halt in Asia today.
Hovers around 157.00
The cross clocked a high of 157.19 before falling back to trade around 157.00 levels. The upside now is being capped by signs of risk-off in Europe. The major European markets are down almost 1%, consequently, the bid tone around JPY is gaining traction.
However, markets seem to have done with GBP selling for now. Hence, the pair remains around 157.00 levels.
GBP/JPY Technical Levels
The immediate resistance is seen at 157.72 (5-DMA), above which the gains could be extended to 159.62 (10-DMA). On the other hand, a break below 156.36 (50% of 116.84-195.88) would open doors for a drop to 154.72 (Feb 24 low).