Daily Analysis For GBP/JPY 07-02-2023

Daily Analysis For GBP/JPY 07-02-2023

GBP/JPY Analysis
GBP/JPY
Economic Events and Scenario for GBP/JPY
Economic Events : -
GMTEventCurrency
00:01-(United Kingdom) BRC Retail Sales Monitor YoYGBP
03:35-(Japan) 30-Year JGB AuctionJPY
05:00-(Japan) Leading Economic IndexJPY
05:00-(Japan) Coincident IndexJPY
07:00-(United Kingdom) Halifax House Price Index YoYGBP
07:00-(United Kingdom) Halifax House Price Index MoMGBP
09:00-(United Kingdom) BoE Ramsden SpeechGBP
10:00-(United Kingdom) 5-Year Treasury Gilt AuctionGBP
10:15-(United Kingdom) BoE Pill SpeechGBP
11:00-(United Kingdom) BBA Mortgage RateGBP
15:30-(United Kingdom) BoE Cunliffe SpeechGBP
23:50-(Japan) Bank Lending YoYJPY
23:50-(Japan) Current AccountJPY
Today's Scenario : - Early on Tuesday, the GBP/JPY crosses to 159.40 while reversing the two-day advance. As a result, the cross-currency pair struggles against the 10-DMA barrier throughout a slow session, as shown by the erratic MACD.
Buy Scenario : - The GBP/JPY crosses to 159.40 early on Tuesday, reversing a two-day rise. As a result, as seen by the unstable MACD, the cross-currency pair battles the 10-DMA barrier throughout a sluggish session. The 160.00 round number and a downward-sloping resistance line from December 13, 2022, which was close to 160.15 at press time, look to be the GBP/JPY bears' final line of defence before the bulls take over. The previous monthly high and late December swing top, which are located respectively at 161.85 and 162.35, will then be the main points of interest, till we do not advise to buy GBP/JPY.
Sell Scenario: - On the other hand, the GBP/JPY price is restrained by the 61.8% Fibonacci retracement level of the cross-currency pair's upward movement from September to October 2022, which is close to 157.65. An upward-sloping support line from last September, which was at 156.85 at the time of press, is also serving as the main support. One cannot completely rule out a decline towards the previous monthly low of 155.35 should the GBP/JPY price remain lower past 156.85. Till we do not advise to sell GBP/JPY.
Support and Resistance Level : -
SupportResistance
S1 158.21-R1 165.42
S2 155.75-R2 168.72
S3 151.87-R3 174.80

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