Daily Analysis For GBP/JPY 23-03-2023

Daily Analysis For GBP/JPY 23-03-2023

GBP/JPY Analysis
GBP/JPY
Economic Events and Scenario for GBP/JPY
Economic Events : -
GMTEventImpactCurrency
07:00(Lithuania) Industrial Production YoYLowEUR
07:00(Lithuania) Industrial Production MoMLowEUR
08:00(European Union) European Council MeetingMediumEUR
08:30(Switzerland) SNB Interest Rate DecisionMediumCHF
09:00(Greece) Current AccountLowEUR
09:30(Slovenia) Consumer ConfidenceLowEUR
11:30(Germany) Bundesbank Balz SpeechLowEUR
12:00(United Kingdom) BoE Interest Rate DecisionHighGBP
12:00(United Kingdom) MPC Meeting MinutesMediumGBP
12:00(United Kingdom) BoE MPC Vote HikeMediumGBP
12:00(United Kingdom) BoE MPC Vote UnchangedMediumGBP
12:00(United Kingdom) BoE MPC Vote CutMediumGBP
12:00(United States) Building PermitsMediumUSD
12:00(United States) Building Permits MoMLowUSD
12:00(Germany) undesbank Wuermeling SpeechLowEUR
12:30(United States) Current AccountMediumUSD
12:30(United States) Jobless Claims 4-week AverageHighUSD
12:30(United States) Continuing Jobless ClaimsHighUSD
12:30(United States) Initial Jobless ClaimsHighUSD
12:30(United States) Chicago Fed National Activity IndexMediumUSD
14:00(United States) New Home Sales MoMHighUSD
14:00(United States) New Home SalesHighUSD
14:30(United States) EIA Natural Gas Stocks ChangeLowUSD
15:00(Euro Area) Consumer ConfidenceMediumEUR
15:00(United States) Kansas Fed Composite IndexLowUSD
15:00(United States) Kansas Fed Manufacturing IndexLowUSD
15:00(United Kingdom) BoE L Mann SpeechMediumGBP
15:00(Euro Area) ECB Lane SpeechLowEUR
15:30(United States) 8-Week Bill AuctionLowUSD
15:30(United States) 4-Week Bill AuctionLowUSD
17:00(United States) 10-Year TIPS AuctionLowUSD
22:00(Australia) Judo Bank Manufacturing PMIHighAUD
22:00(Australia) Judo Bank Services PMIHighAUD
22:00(Australia) Judo Bank Composite PMILowAUD
23:30(Japan) Inflation Rate Ex-Food and Energy YoYLowJPY
23:30(Japan) Inflation Rate YoYHighJPY
23:30(Japan) Inflation Rate MoMLowJPY
23:30(Japan) Core Inflation Rate YoYMediumJPY
23:50(Japan) Foreign Bond InvestmentLowJPY
23:50(Japan) Stock Investment by ForeignersLowJPY
Today's Scenario: - During the early hours of "Thursday", GBP/JPY declines to 161.00, following the downtrend of Treasury bond yields, ahead of the Bank of England's monetary policy announcements. The cross-currency pair's movement is influenced not only by bond coupons but also by the broad weakness of the British Pound (GBP) before the key event.
Both the US 10-year and two-year Treasury bond yields experienced their largest drop in a week after the US Federal Reserve (Fed) failed to alleviate concerns in the banking sector, despite announcing a 0.25% rate hike. This may be due to the Fed's statement which suggested that "some additional policy firming may be appropriate" instead of the previous remarks stating that "ongoing increases in the target range will be appropriate".
Buy Scenario: - GBP/JPY is further upside could be restricted by the 200-day moving average at 163.30.Till we do not advise to buy GBP/JPY.
Sell Scenario: - The GBP/JPY pair faces immediate resistance at a descending trend line that has been in place for one month, located around 163.15, we do not advise to sell GBP/JPY.
Support and Resistance Level: -
SupportResistance
S1 160.26-R1 162.79
S2 159.26-R2 164.34
S3 157.72-R3 165.33

Discussion

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