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JPY: Losing Some Altitude


GBP/JPY has given away 19 pips or so and last trades at Y144.54, while sterling sits at the bottom of the scoreboard. Macro headline flow has been limited by LNY market closures across Asia.

  • Brexit matters resurface as a source of concern for GBP amid reports pointing to a sizeable reduction in London's euro swaps market share & the EU's cool reception of the UK's call to reset their bilateral relationship.
  • Bears look for a dip through Feb 9 low of Y144.04, which would bring Feb 4 low of Y142.84 into play. Bulls need a clearance of Feb 10 high of Y145.07 before targeting Feb 21, 2020 high of Y144.96.
  • Quarterly GDP report & monthly activity indicators take focus today.

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