GBP/JPY faded the spike above 142.00

GBP/JPY has quickly reverted the bullish attempt above the 142.00 handle following the UK’s Supreme Court ruling on Article 50.

GBP/JPY bid near 141.70

The cross keeps the bid tone intact after the UK’s Supreme Court ruled that Article 50 needs parliamentary approval to be triggered and thus allowing the Government to begin the process of exiting the European Union.

GBP/JPY is reverting yesterday’s losses backed by an increasing softer tone around the Japanese currency, although some decent support seems to have emerged in the mid-140.00s for the time being.

Data wise in the UK, Public Sector Net Borrowing shrunk to £6.42 billion during December, while the advanced Manufacturing PMI in Japan has improved to 52.8 in December.

GBP/JPY key levels

As the moment the cross is gaining 0.14% at 141.45 facing the next hurdle at 142.09 (high Jan.24) followed by 145.43 (high Jan.3) and then 148.50 (high Dec.15 2015). On the other hand, a breakdown of 140.84 (200-day sma) would aim for 140.67 (low Jan.23) and finally 136.40 (low Jan.16).