Daily Analysis For GBP/JPY 12-04-2023

Daily Analysis For GBP/JPY 12-04-2023

GBP/JPY Analysis
GBP/JPY
Economic Events and Scenario for GBP/JPY
Economic Events : -
GMTEventImpactCurrency
00:30(United States) Fed Kashkari SpeechMediumUSD
00:50(Japan) Bank Lending YoYLowJPY
00:50(Japan) PPI YoYLowJPY
00:50(Japan) PPI MoMLowJPY
00:50(Japan) Machinery Orders MoMMediumJPY
00:50(Japan) Machinery Orders YoYMediumJPY
02:30(Australia) Building Permits MoMLowAUD
02:30(Australia) Private House Approvals MoMLowAUD
02:30(Australia) Building Permits YoYLowAUD
05:30(Netherlands) Balance of TradeLowEUR
05:45(Australia) RBA Bullock SpeechMediumAUD
06:00(Finland) Current AccountLowEUR
07:00(Lithuania) PPI YoYLowEUR
07:00(Lithuania) PPI MoMLowEUR
08:00(Slovakia) Construction Output YoYLowEUR
10:00(United Kingdom) 6-Year Index-Linked Treasury Gilt AuctionLowGBP
10:10(Italy) 12-Month BOT AuctionLowEUR
10:10(Italy) 4-Month BOT AuctionLowEUR
10:30(Germany) 30-Year Bund AuctionLowEUR
11:00(Latvia) CPILowEUR
11:00(Latvia) Inflation Rate YoYLowEUR
11:00(Latvia) Inflation Rate MoMLowEUR
12:00(United States) MBA 30-Year Mortgage RateMediumUSD
12:00(United States) MBA Mortgage ApplicationsLowUSD
12:00(United States) MBA Mortgage Market IndexLowUSD
12:00(United States) MBA Mortgage Refinance IndexLowUSD
12:00(United States) MBA Purchase IndexLowUSD
13:30(United States) Inflation Rate MoMMediumUSD
13:30(United States) Core Inflation Rate MoMMediumUSD
13:30(United States) Core Inflation Rate YoYHighUSD
13:30(United States) Inflation Rate YoYHighUSD
13:30(United States) CPIHighUSD
13:30(United States) CPI s.aHighUSD
13:30(Euro Area) ECB Guindos SpeechHighEUR
14:00(Ecuador) Balance of TradeLowUSD
14:00(United Kingdom) BoE Gov Bailey SpeechMediumGBP
15:00(Canada) BoC Monetary Policy ReportHighCAD
15:00(Canada) BoC Interest Rate DecisionMediumCAD
15:30(United States) EIA Refinery Crude Runs ChangeLowUSD
15:30(United States) EIA Crude Oil Stocks ChangeMediumUSD
15:30(United States) EIA Heating Oil Stocks ChangeLowUSD
15:30(United States) EIA Gasoline Production ChangeLowUSD
15:30(United States) EIA Distillate Stocks ChangeLowUSD
15:30(United States) EIA Crude Oil Imports ChangeLowUSD
15:30(United States) EIA Gasoline Stocks ChangeMediumUSD
15:30(United States) EIA Cushing Crude Oil Stocks ChangeLowUSD
15:30(United States) EIA Distillate Fuel Production ChangeLowUSD
16:00(Kosovo) Inflation Rate YoYLowEUR
16:00(Canada) BoC Press ConferenceMediumCAD
16:30(United States) 17-Week Bill AuctionLowUSD
18:00(United States) 10-Year Note AuctionLowUSD
19:00(United States) FOMC MinutesHighUSD
19:00(United States) Monthly Budget StatementMediumUSD
20:15(United Kingdom) BoE Gov Bailey SpeechMediumGBP
Today's Scenario: - Buyers of GBP/JPY are in control for the fifth consecutive day as the currency pair reaches a one-week high around 166.15-20 in early Wednesday trading. The recent increase in price could be attributed to the successful break above February's high near 166.00, as well as bullish signals from the MACD indicator. However, an upward-sloping resistance line from late February could present a challenge for the bulls around 166.50, especially given the overbought conditions indicated by the RSI (14).
Buy Scenario: - If the pair manages to break through the key resistance level at 166.50, then the bulls may look to target last December's high of around 169.30 and the round figure of 170.00. Beyond that, the previous yearly high around 172.15 will come into focus. Till we do not advise to buy GBP/JPY.
Sell Scenario: - On the downside, a clear break below 166.00 could trigger an intraday decline for GBP/JPY, but a two-week-old ascending trend line around 164.85 could provide some support. If the bears continue to dominate below this level, then the 200-SMA at 162.85 will become an important level to watch as it holds the key to the pair's potential move towards a 2.5-month-long support line near 159.75.
Overall, GBP/JPY is expected to remain firm even if the 166.50 level presents a challenge for further upside. Till we do not advise to sell GBP/JPY.
Support and Resistance Level: -
SupportResistance
S1 165.46-R1 166.46
S2 164.83-R2 166.83
S3 164.46-R3 167.47

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