Daily Analysis For GBP/JPY   02-05-2023

Daily Analysis For GBP/JPY 02-05-2023

GBP/JPY Analysis
Economic Events and Scenario for GBP/JPY
Economic Events : -
01:00(China) May DayNoneCNY
01:00(Montenegro) Labor dayNoneEUR
01:01(Ireland) AIB Manufacturing PMILowEUR
04:35(Japan) 3-Month Bill AuctionLowJPY
05:30(Australia) RBA Interest Rate DecisionHighAUD
05:30(Netherlands) Inflation Rate YoYMediumEUR
05:30(Netherlands) Business ConfidenceLowEUR
06:00(Netherlands) NEVI Manufacturing PMILowEUR
07:00(United Kingdom) Nationwide Housing Prices YoYMediumGBP
07:00(United Kingdom) Nationwide Housing Prices MoMMediumGBP
07:00(Germany) Retail Sales MoMHighEUR
07:00(Germany) Retail Sales YoYHighEUR
07:00(Lithuania) GDP Growth Rate YoYLowEUR
07:00(Lithuania) GDP Growth Rate QoQLowEUR
08:00(Austria) Inflation Rate YoYLowEUR
08:00(Austria) Inflation Rate MoMLowEUR
08:00(Austria) Harmonised Inflation Rate MoMLowEUR
08:00(Austria) Harmonised Inflation Rate YoYLowEUR
08:00(Switzerland) Consumer ConfidenceHighCHF
08:15(Spain) S&P Global Manufacturing PMIHighEUR
08:30(Austria) Unemployment RateHighEUR
08:30(Austria) Unemployed PersonsLowEUR
08:30(Switzerland) procure.ch Manufacturing PMIHighCHF
08:45(Italy) S&P Global Manufacturing PMIHighEUR
08:50(France) S&P Global Manufacturing PMIMediumEUR
08:55(Germany) S&P Global Manufacturing PMIHighEUR
09:00(Euro Area) Loans to Households YoYLowEUR
09:00(Euro Area) M3 Money Supply YoYLowEUR
09:00(Euro Area) Loans to Companies YoYLowEUR
09:00(Euro Area) S&P Global Manufacturing PMIHighEUR
09:00(Greece) S&P Global Manufacturing PMIHighEUR
09:30(United Kingdom) S&P Global/CIPS Manufacturing PMIHighGBP
09:30(United States) LMI Logistics Managers Index CurrentLowUSD
10:00(Cyprus) Retail Sales YoYLowEUR
10:00(Euro Area) Core Inflation Rate YoYMediumEUR
10:00(Euro Area) Inflation Rate YoYHighEUR
10:00(Euro Area) Inflation Rate MoMMediumEUR
10:00(Euro Area) CPIHighEUR
10:00(Italy) CPIHighEUR
10:00(Italy) Harmonised Inflation Rate YoYLowEUR
10:00(Italy) Harmonised Inflation Rate MoMLowEUR
10:00(Italy) Inflation Rate MoMMediumEUR
10:00(Italy) Inflation Rate YoYHighEUR
10:30(Germany) Index-Linked Bund AuctionLowEUR
11:00(Portugal) Retail Sales YoYLowEUR
11:00(Portugal) Retail Sales MoMLowEUR
11:00(Spain) New Car Sales YoYLowEUR
11:00(Greece) Total Credit YoYLowEUR
11:00(Italy) PPI MoMLowEUR
11:00(Italy) PPI YoYLowEUR
13:55(United States) Redbook YoYLowUSD
14:00(France) 3-Month BTF AuctionLowEUR
14:00(France) 12-Month BTF AuctionLowEUR
14:00(France) 6-Month BTF AuctionLowEUR
15:00(United States) JOLTs Job QuitsLowUSD
15:00(United States) JOLTs Job OpeningsHighUSD
15:00(United States) Factory Orders ex TransportationLowUSD
15:00(United States) Factory Orders MoMMediumUSD
15:00(United States) Total Vehicle SalesLowUSD
16:00(New Zealand) Global Dairy Trade Price IndexLowNZD
17:00(Belgium) New Car Registrations YoYLowEUR
17:00(Italy) New Car Registrations YoYLowEUR
21:30(United States) API Crude Oil Stock ChangeMediumUSD
22:00(New Zealand) RBNZ Financial Stability ReportMediumNZD
23:45(New Zealand) Participation RateLowNZD
23:45(New Zealand) Labour Costs Index YoYLowNZD
23:45(New Zealand) Labour Costs Index QoQLowNZD
23:45(New Zealand) Employment Change QoQHighNZD
23:45(New Zealand) Unemployment RateHighNZD

Today's Scenario: - The GBP/JPY made significant gains, reaching close to last year's high of 172.13, but has since pulled back slightly, hovering below the 172.00 level. At the start of the Asian session, the GBP/JPY is trading at 171.74, showing minimal gains of 0.02%.

Buy Scenario: - On the daily chart, the GBP/JPY pair is seen in a strong uptrend, although it fell short of reaching last year's high. The RSI indicator shows the pair is overbought, while the RoC suggests buyers are still in control. However, it's worth noting that previous instances where the RoC reached current levels were followed by some pullbacks before continuing the uptrend.
If the GBP/JPY breaks through the 172.00 level, the next resistance will be the year-to-date high at 172.09, followed by last year's high at 172.13 and the 173.00 level. Till we do not advise to buy GBP/JPY.

Sell Scenario: - Alternatively, if the GBP/JPY shows a bearish engulfing candle pattern, it could lead to a fall towards the 20-day EMA at 167.22. However, the pair must first drop below the 170.00 level. If it does, the next demand area defended by buyers will be December's 13 swing high turned support at 169.27, followed by 169.00. If the pair continues to decline, it could test the 20-day EMA at 167.22. Till we do not advise to sell GBP/JPY.

Support and Resistance Level: -
S1 171.17-R1 172.27
S2 170.53-R2 172.74
S3 170.06-R3 173.37


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