Daily Analysis For GBP/JPY 24-05-2023

Daily Analysis For GBP/JPY 24-05-2023

GBP/JPY Analysis
GBP/JPY
Economic Events and Scenario for GBP/JPY
Economic Events : -
GMTEventImpactCurrency
00:00(Japan) Reuters Tankan IndexMediumJPY
01:00(Ecuador) The Battle of PichinchaNoneUSD
02:00(Australia) Westpac Leading Index MoMLowAUD
03:00(New Zealand) RBNZ Interest Rate DecisionMediumNZD
04:00(East Timor) Inflation Rate YoYLowUSD
04:00(East Timor) Inflation Rate MoMLowUSD
04:00(New Zealand) RBNZ Press ConferenceMediumNZD
06:00(Finland) Export Prices YoYLowEUR
06:00(Finland) Import Prices YoYLowEUR
06:00(Finland) PPI YoYLowEUR
06:00(Finland) Unemployment RateLowEUR
07:00(United Kingdom) Core Inflation Rate MoMLowGBP
07:00(United Kingdom) PPI Output YoYLowGBP
07:00(United Kingdom) PPI Input YoYLowGBP
07:00(United Kingdom) PPI Input MoMLowGBP
07:00(United Kingdom) PPI Output MoMLowGBP
07:00(United Kingdom) Inflation Rate MoMMediumGBP
07:00(United Kingdom) Core Inflation Rate YoYMediumGBP
07:00(United Kingdom) Inflation Rate YoYHighGBP
07:00(United Kingdom) PPI Core Output YoYLowGBP
07:00(United Kingdom) PPI Core Output MoMLowGBP
07:00(United Kingdom) Retail Price Index YoYLowGBP
07:00(United Kingdom) Retail Price Index MoMLowGBP
08:00(Euro Area) ECB Non-Monetary Policy MeetingMediumEUR
08:10(Australia) RBA Jacobs SpeechMediumAUD
09:00(Germany) Ifo ExpectationsLowEUR
09:00(Germany) Ifo Current ConditionsLowEUR
09:00(Germany) Ifo Business ClimateHighEUR
10:30(Germany) 15-Year Bund AuctionLowEUR
10:30(United Kingdom) BoE Gov Bailey SpeechMediumGBP
11:00(United Kingdom) CBI Industrial Trends OrdersMediumGBP
12:00(United States) MBA 30-Year Mortgage RateMediumUSD
12:00(United States) MBA Mortgage ApplicationsLowUSD
12:00(United States) MBA Mortgage Refinance IndexLowUSD
12:00(United States) MBA Mortgage Market IndexLowUSD
12:00(United States) MBA Purchase IndexLowUSD
14:00(Belgium) Business ConfidenceLowEUR
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 Distillate Stocks ChangeLowUSD
15:30(United States) EIA Gasoline Production 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
16:30(United States) 17-Week Bill AuctionLowUSD
16:30(United States) 2-Year FRN AuctionLowUSD
17:00(Canada) 10-Year Bond AuctionLowCAD
17:10(United States) Fed Waller SpeechMediumUSD
18:00(United States) 5-Year Note AuctionLowUSD
18:45(Euro Area) ECB President Lagarde SpeechMediumEUR
19:00(United States) FOMC MinutesHighUSD
Today's Scenario: - GBP/JPY is experiencing a retracement from the approximately 172.60 level and is currently hovering around the 172.00 mark, reflecting a decline in market sentiment. The lack of an agreement between the White House and the US Congress has dampened investor confidence, especially as the June 1 deadline approaches. As the Asian session begins, GBP/JPY is trading at 172.01, showing little movement.
Buy Scenario: - The GBP/JPY pair maintains an upward bias; however, its rally towards the measured target at 174.30 has stalled following the breakout of a falling wedge pattern.
Over the course of three consecutive sessions, the pair has been unable to surpass the 173.00 area, which, once breached, could potentially lead to further gains towards the 174.00 level, ultimately reaching the target projected by the falling wedge pattern. Till we do not advise to buy GBP/JPY.
Sell Scenario: - Nevertheless, there is a notable divergence between the price action, which has been forming higher highs, and the Relative Strength Index (RSI) indicator, which has been forming lower peaks. This negative divergence suggests the possibility of a pullback in the future.
As for support levels, the initial support for GBP/JPY lies at the 172.00 level. If this level is broken, the pair may further decline towards the 20-day Exponential Moving Average (EMA) at 170.20, with the 170.00 level being a potential target. Till we do not advise to sell GBP/JPY.
Support and Resistance Level: -
SupportResistance
S1 171.32-R1 172.66
S2 170.64-R2 173.32
S3 169.98-R3 174.00

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