Daily Analysis For GBP/JPY 14-04-2023

Daily Analysis For GBP/JPY 14-04-2023

GBP/JPY Analysis
GBP/JPY
Economic Events and Scenario for GBP/JPY
Economic Events : -
GMTEventImpactCurrency
01:00(Cyprus) Good FridayNoneEUR
01:00(Greece) Orthodox Good FridayNoneEUR
01:00(Montenegro) Good FridayNoneEUR
04:35(Japan) 3-Month Bill AuctionLowJPY
06:00(Finland) Inflation Rate YoYLowEUR
06:00(Finland) Inflation Rate MoMLowEUR
06:00(Finland) GDP YoYLowEUR
06:00(Finland) CPILowEUR
07:00(Germany) Wholesale Prices YoYMediumEUR
07:00(Germany) Wholesale Prices MoMMediumEUR
07:30(Switzerland) Producer & Import Prices MoMLowCHF
07:30(Switzerland) Producer & Import Prices YoYLowCHF
07:45(France) Inflation Rate YoYMediumEUR
07:45(France) Inflation Rate MoMMediumEUR
07:45(France) Harmonised Inflation Rate MoMLowEUR
07:45(France) Harmonised Inflation Rate YoYLowEUR
08:00(China) FDI (YTD) YoYMediumCNY
08:00(Slovakia) CPILowEUR
08:00(Slovakia) Inflation Rate MoMLowEUR
08:00(Slovakia) Inflation Rate YoYLowEUR
08:00(Slovakia) Core Inflation Rate MoMLowEUR
08:00(Slovakia) Core Inflation Rate YoYLowEUR
08:00(Spain) CPIHighEUR
08:00(Spain) Core Inflation Rate YoYLowEUR
08:00(Spain) Inflation Rate MoMLowEUR
08:00(Spain) Inflation Rate YoYLowEUR
08:00(Spain) Harmonised Inflation Rate YoYLowEUR
08:00(Spain) Harmonised Inflation Rate MoMLowEUR
09:00(France) IEA Oil Market ReportMediumEUR
10:30(Belgium) Construction Output YoYLowEUR
11:00(Ireland) Balance of TradeLowEUR
13:30(Canada) Manufacturing Sales MoMLowCAD
13:30(Canada) New Motor Vehicle SalesLowCAD
13:30(United States) Import Prices YoYLowUSD
13:30(United States) Retail Sales Ex Gas/Autos MoMHighUSD
13:30(United States) Export Prices YoYLowUSD
13:30(United States) Import Prices MoMMediumUSD
13:30(United States) Export Prices MoMMediumUSD
13:30(United States) Retail Sales MoMHighUSD
13:30(United States) Retail Sales YoYHighUSD
13:30(United States) Retail Sales Ex Autos MoMHighUSD
13:45(United States) Fed Waller SpeechMediumUSD
14:15(United States) Manufacturing Production MoMLowUSD
14:15(United States) Capacity UtilizationLowUSD
14:15(United States) Manufacturing Production YoYLowUSD
14:15(United States) Industrial Production YoYMediumUSD
14:15(United States) Industrial Production MoMMediumUSD
15:00(United States) Retail Inventories Ex Autos MoMLowUSD
15:00(United States) Business Inventories MoMMediumUSD
15:00(United States) Michigan Inflation ExpectationsLowUSD
15:00(United States) Michigan Consumer SentimentHighUSD
15:00(United States) Michigan Consumer ExpectationsLowUSD
15:00(United States) Michigan Current ConditionsLowUSD
15:00(United States) Michigan 5 Year Inflation ExpectationsLowUSD
16:30(United Kingdom) BoE Tenreyro SpeechMediumGBP
18:00(El Salvador) Inflation Rate MoMLowUSD
18:00(El Salvador) Inflation Rate YoYLowUSD
18:00(United States) Baker Hughes Oil Rig CountLowUSD
18:00(United States) Baker Hughes Total Rig CountLowUSD
19:15(Germany) Bundesbank Nagel SpeechLowEUR
Today's Scenario: - During the Asian session, the GBP/JPY pair remains stagnant around 166.00, with investors awaiting a potential slowdown in UK inflation due to weakened labor market conditions. The Bank of England's (BoE) higher interest rates are causing companies to delay their expansion plans, leading to reduced labor demand. BoE Chief Economist Huw Pill expressed confidence on Thursday that UK Consumer Price Index (CPI) will decline from Q2 onwards, as energy price hikes from last year will no longer be factored into the annual comparison.
Buy Scenario: - The GBP/JPY pair has shown signs of exhaustion in its upward momentum after breaking through a prior resistance level at 166.40, which has caused concerns about a possible reversal. The cross has been trading in a range between 165.40 and 166.85, suggesting that institutional investors may be distributing their inventory to retail participants.
Conversely, if the cross moves higher and breaks through the April 13 high at 166.85, it could drive the asset up towards the December 16 high at 168.00, followed by the December 15 high at 168.78. Till we do not advise to buy GBP/JPY.
Sell Scenario: - On the downside, the 20-period Exponential Moving Average (EMA) is currently overlapping the asset price at 166.13, indicating a sideways trend. The Relative Strength Index (RSI) (14) is also oscillating within the 40.00-60.00 range, suggesting that investors are waiting for a significant trigger before making further moves.
If the cross breaks below the April 12 low at 165.38, the Japanese Yen bulls could push the asset down to the April 10 low at 164.00, followed by the April 05 low at 162.78. Till we do not advise to sell GBP/JPY.
Support and Resistance Level: -
SupportResistance
S1 165.33-R1 166.77
S2 164.65-R2 167.53
S3 163.89-R3 168.21

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