Daily Analysis For GBP/JPY 07-04-2023

Daily Analysis For GBP/JPY 07-04-2023

GBP/JPY Analysis
GBP/JPY
Economic Events and Scenario for GBP/JPY
Economic Events : -
GMTEventImpactCurrency
00:30(Japan) Overtime Pay YoYLowJPY
00:30(Japan) Household Spending YoYLowJPY
00:30(Japan) Household Spending MoMLowJPY
00:30(Japan) Average Cash Earnings YoYLowJPY
00:50(Japan) Foreign Exchange ReservesLowJPY
01:00(Australia) Good FridayNoneAUD
01:00(Belgium) Good FridayNoneEUR
01:00(Canada) Good FridayNoneCAD
01:00(Ecuador) Good FridayNoneUSD
01:00(El Salvador) Good FridayNoneUSD
01:00(Estonia) Good FridayNoneEUR
01:00(Euro Area) Good FridayNoneEUR
01:00(Finland) Good FridayNoneEUR
01:00(Germany) Good FridayNoneEUR
01:00(Latvia) Good FridayNoneEUR
01:00(Luxembourg) Good FridayNoneEUR
01:00(Malta) Good FridayNoneEUR
01:00(Netherlands) Good FridayNoneEUR
01:00(New Zealand) Good FridayNoneNZD
01:00(Portugal) Good FridayNoneEUR
01:00(Spain) Good FridayNoneEUR
01:00(Switzerland) Good FridayNoneCHF
01:00(United Kingdom) Good FridayNoneGBP
01:00(United States) Good FridayNoneUSD
04:35(Japan) 3-Month Bill AuctionLowJPY
05:30(Netherlands) Household Consumption YoYLowEUR
05:30(Netherlands) Manufacturing Production MoMLowEUR
06:00(Japan) Leading Economic IndexLowJPY
06:00(Japan) Coincident IndexLowJPY
07:00(Lithuania) Balance of TradeLowEUR
07:45(France) ImportsLowEUR
07:45(France) ExportsLowEUR
07:45(France) Current AccountLowEUR
07:45(France) Balance of TradeMediumEUR
08:00(Austria) Industrial Production YoYLowEUR
08:30(France) Foreign Exchange ReservesLowEUR
09:00(China) Foreign Exchange ReservesLowCNY
10:00(Greece) Balance of TradeLowEUR
13:30(United States) Manufacturing PayrollsLowUSD
13:30(United States) Nonfarm Payrolls PrivateHighUSD
13:30(United States) Unemployment RateHighUSD
13:30(United States) Non Farm PayrollsHighUSD
13:30(United States) Participation RateMediumUSD
13:30(United States) Government PayrollsLowUSD
13:30(United States) Average Weekly HoursLowUSD
13:30(United States) Average Hourly Earnings MoMMediumUSD
13:30(United States) Average Hourly Earnings YoYMediumUSD
14:00(United States) Used Car Prices MoMLowUSD
14:00(United States) Used Car Prices YoYLowUSD
20:00(United States) Consumer Credit ChangeLowUSD
Today's Scenario: - The British pound initially dipped during Thursday's trading session, but later found support from buyers, which is a bullish sign. The Bank of Japan is keeping interest rates low and buying bonds to prevent their rise. The British pound has been performing well, making it a good investment.
Buy Scenario: - IN GBP/JPY the 165.50 level could be a significant resistance level, as it has been in the past. Breaking above that level could open up the potential for further gains to the 169 level. Till we do not advise to buy GBP/JPY.
Sell Scenario: - On the downside, if the market breaks below the recent candlesticks, the 50-Day EMA and the 200-Day EMA indicators could provide technical support. A break below that level could attract a lot of attention, with traders aiming for the 160 level. The market will likely continue to be very volatile, and traders will need to be flexible and keep their position size reasonable. Paying attention to the yields in Japan will also be crucial, as they will continue to impact this pair and other yen-related pairs going forward, we do not advise to sell GBP/JPY.
Support and Resistance Level: -
SupportResistance
S1 163.16-R1 164.38
S2 162.43-R2 164.85
S3 161.95-R3 165.59

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