GBP/JPY falling back to 147.00 as Yen marches upwards

• The GBP/JPY rolling over in Asia markets, retreating from session highs.
• The Yen march continues despite BOJ commentary.

The Sterling is drifting lower in the Asia session, testing into the 147.00 level as of writing.

The GBP/JPY has shifted away from overnight session highs at 147.45 despite upbeat retail sales figures for the UK as the Yen slowly gains against the Pound in active trading.

Like-for-Like retail figures for the UK came out better than expected, but Brexit concerns continue to weigh the Sterling down, and the GBP can be expected to drag a toe into the future until more clarity regarding trade agreements between the European Union (EU) and the UK post-Brexit. The separation process begins next March, and businesses leaders are hoping to have some insight into regulations long before then, though specific details have so far not been forthcoming from the UK's parliament.

The Sterling is struggling to gain headway against the Yen after declining steadily through February, and despite repeated sooth-talking from the Bank of Japan (BOJ) and heads of state, the Yen remains in an elevated position, threatening to undermine what little inflation the Japanese economy has managed to scavenge.

GBP/JPY Technicals

The pair is floundering beneath the 200-day SMA, and H4 candles show the price waffling between the 50.0 and 38.2 Fibo levels, at 147.56 and 146.91 respectively. Intraday support is priced in at 146.14 and 145.08, with resistance at the 147.50 level and 147.95.