Daily Analysis For GBP/JPY   09-05-2023

Daily Analysis For GBP/JPY 09-05-2023

GBP/JPY Analysis
Economic Events and Scenario for GBP/JPY
Economic Events : -
00:01(United Kingdom) BRC Retail Sales Monitor YoYHighGBP
00:30(Japan) Overtime Pay YoYLowJPY
00:30(Japan) Average Cash Earnings YoYLowJPY
00:30(Japan) Household Spending MoMLowJPY
00:30(Japan) Household Spending YoYLowJPY
01:00(Euro Area) Anniversary of Robert Schumans DeclarationNoneEUR
01:00(Luxembourg) Europe DayNoneEUR
02:30(Australia) Retail Sales MoMHighAUD
04:00(China) Exports YoYMediumCNY
04:00(China) Imports YoYMediumCNY
04:00(China) Balance of TradeHighCNY
04:35(Japan) 10-Year JGB AuctionLowJPY
04:35(Japan) 6-Month Bill AuctionLowJPY
07:00(Lithuania) CPILowEUR
07:00(Lithuania) Inflation Rate MoMLowEUR
07:00(Lithuania) Inflation Rate YoYLowEUR
07:00(United Kingdom) Halifax House Price Index YoYMediumGBP
07:00(United Kingdom) Halifax House Price Index MoMMediumGBP
07:45(France) Current AccountLowEUR
07:45(France) Balance of TradeMediumEUR
07:45(France) ExportsLowEUR
07:45(France) ImportsLowEUR
08:00(Slovakia) Balance of TradeLowEUR
08:30(France) Foreign Exchange ReservesLowEUR
09:00(Euro Area) ECB Lane SpeechLowEUR
09:40(Spain) 6-Month Letras AuctionLowEUR
09:40(Spain) 12-Month Letras AuctionLowEUR
10:30(Germany) 5-Year Bobl AuctionLowEUR
10:30(Australia) 2023-24 Federal BudgetMediumAUD
11:00(United Kingdom) BBA Mortgage RateLowGBP
11:00(Ireland) Industrial Production YoYLowEUR
11:00(United States) NFIB Business Optimism IndexLowUSD
13:30(United States) Fed Jefferson SpeechMediumUSD
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) IBD/TIPP Economic OptimismMediumUSD
15:30(United States) NY Fed Treasury Purchases 0 to 1 yrsLowUSD
17:05(United States) Fed Williams SpeechMediumUSD
18:00(United States) 3-Year Note AuctionLowUSD
18:00(Euro Area) ECB Schnabel SpeechLowEUR
21:30(United States) API Crude Oil Stock ChangeMediumUSD

Today's Scenario: - Despite a fall from its daily high of 171.07, the GBP/JPY continues to hold onto earlier gains, despite a shift in investor sentiment towards safe-haven currencies like the Japanese Yen (JPY). As a result, the cross-currency pair remains in positive territory, currently trading at 170.50, up 0.11% from its opening price.

Buy Scenario: - The GBP/JPY formed a bullish-engulfing candlestick pattern on Friday, indicating a potential continuation of the uptrend. However, on Monday, the price action formed a doji, suggesting indecision among traders. Despite this, the Relative Strength Index (RSI) indicates that buyers remain in control, and the 3-day Rate of Change (RoC) has climbed from the neutral territory, indicating that buyers are entering the market.
If the GBP/JPY continues to trend upwards, the first resistance level is likely at 171.00. A breach of this level could lead to a further increase towards the year-to-date high of 172.33, followed by the 173.00 mark. Till we do not advise to buy GBP/JPY.

Sell Scenario: - On the other hand, if sellers gain momentum, the first support level is at 170.00. If this level is breached, the GBP/JPY could test the last week’s low of 168.06, followed by the intersection of the April 25 daily low and the 50-day Exponential Moving Average (EMA) at around 165.43/60. Till we do not advise to sell GBP/JPY.

Support and Resistance Level: -
S1 170.07-R1 170.96
S2 169.68-R2 171.46
S3 169.18-R3 171.85


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