GBP/JPY jumps back towards 139.50 on Yen weakness

The GBP/JPY cross stalled its retreat from three-week tops reached just ahead of 140 handle, in the wake of yesterday’s GBP flash rally, and now re-attempts the mid-point of 139 handle.

GBP/JPY: 100-DMA at 104.47 on sight?

The GBP/JPY pair now advances +0.14% to 139.42, having found fresh bids near 139.10 region. The spot is looking to regain momentum, largely on the back of fresh yen selling as risk-off eases amid a recovery in the Japanese stocks.

Moreover, cable stalls its corrective slide from six-month highs above 1.2900, aiding the recovery in the cross. In the day ahead, the cross will get influenced by the opinion poll outcomes on the upcoming UK election on June 8th, as announced by the UK PM May a day before.

GBP/JPY: Technical Levels                               

Higher side: 140.03 (3-week tops), 140.47 (100-DMA), 140.79/87 (classic R1/ Fib R2)

Lower side: 139.0/138.98 (daily low/ 50-DMA), 138.44 (daily pivot), 137.90/76 (20 & 200-DMA)