Daily Analysis For GBP/JPY 25-04-2023

Daily Analysis For GBP/JPY 25-04-2023

GBP/JPY Analysis
GBP/JPY
Economic Events and Scenario for GBP/JPY
Economic Events : -
GMTEventImpactCurrency
01:00(Australia) ANZAC DayNoneAUD
01:00(Italy) Liberation DayNoneEUR
01:00(New Zealand) ANZAC DayNoneNZD
01:00(Portugal) Liberty DayNoneEUR
03:45(East Timor) Inflation Rate MoMLowUSD
03:45(East Timor) Inflation Rate YoYLowUSD
07:00(Switzerland) Balance of TradeMediumCHF
07:00(United Kingdom) Public Sector Net BorrowingLowGBP
07:00(United Kingdom) Public Sector Net Borrowing Ex BanksLowGBP
08:00(Spain) PPI YoYLowEUR
09:00(Euro Area) ECB Enria SpeechLowEUR
09:30(Slovenia) Tourist Arrivals YoYLowEUR
10:00(United Kingdom) BoE Member BroadbentLowGBP
10:30(Germany) 2-Year Schatz AuctionLowEUR
11:00(Latvia) PPI MoMLowEUR
11:00(Latvia) PPI YoYLowEUR
11:00(Luxembourg) Balance of TradeLowEUR
11:00(United Kingdom) CBI Industrial Trends OrdersMediumGBP
11:00(United Kingdom) CBI Business Optimism IndexMediumGBP
13:00(United States) Building PermitsMediumUSD
13:00(United States) Building Permits MoMLowUSD
13:55(United States) Redbook YoYLowUSD
14:00(United States) House Price IndexLowUSD
14:00(United States) House Price Index YoYLowUSD
14:00(United States) House Price Index MoMLowUSD
14:00(United States) S&P/Case-Shiller Home Price MoMMediumUSD
14:00(United States) S&P/Case-Shiller Home Price YoYMediumUSD
15:00(United States) Richmond Fed Manufacturing Shipments IndexLowUSD
15:00(United States) CB Consumer ConfidenceMediumUSD
15:00(United States) Richmond Fed Services IndexLowUSD
15:00(United States) Richmond Fed Manufacturing IndexLowUSD
15:00(United States) New Home SalesHighUSD
15:00(United States) New Home Sales MoMHighUSD
15:30(United States) Dallas Fed Services Revenues IndexLowUSD
15:30(United States) Dallas Fed Services IndexLowUSD
15:30(United States) NY Fed Treasury Purchases 4.5 to 7 yrsLowUSD
18:00(United States) 2-Year Note AuctionLowUSD
21:30(United States) API Crude Oil Stock ChangeMediumUSD
23:45(New Zealand) ImportsLowNZD
23:45(New Zealand) ExportsLowNZD
23:45(New Zealand) Balance of TradeMediumNZD
Today's Scenario: - In the early Asian session, the GBP/JPY pair is trading above the 167.50 level. The cross has been on an upward trend since Friday as investors anticipate the Bank of England (BoE) to continue with interest rate hikes due to UK's persistent double-digit inflation. The UK's labor shortage and food inflation are major drivers of the high inflation rate, which is causing concern among BoE policymakers. The latest data on monthly UK retail sales showed a contraction of 0.9%, worse than the expected 0.5% contraction, indicating that households are feeling the impact of inflation-adjusted prices of goods and services.
Buy Scenario: - GBP/JPY has experienced a V-shaped recovery, finding support from the lower portion of a rising channel chart pattern. This pattern is considered a buying opportunity by market participants. The Pound Sterling is driving the cross towards horizontal resistance at 169.28, which is plotted from the high on December 13, 2022.
The Pound Sterling has sustained the cross above the 20-period Exponential Moving Average (EMA) at 166.94, indicating a bullish short-term trend. The Relative Strength Index (RSI) (14) has rebounded after finding support near 40.00, signaling a defense of downside momentum.
A decisive move above the high on April 19 at around 168.00 will drive the cross towards the high on December 13, 2022, at 169.28, followed by the high on November 02 at 170.33. Till we do not advise to buy GBP/JPY.
Sell Scenario: - On the other hand, if the cross breaks down below the low on April 21 at 165.52, it will strengthen the downside bias and expose the cross to the low on April 10 at 164.00, and the low on April 05 at 162.78. Till we do not advise to sell GBP/JPY.
Support and Resistance Level: -
SupportResistance
S1 166.85-R1 168.04
S2 166.11-R2 168.48
S3 165.67-R3 169.22

Discussion

default man
Explore
Trade360 Review 2023: Account Options, Trading Hours, Security Measures, Pros and Cons

Trade360 Review 2023: Account Options, T...

Finexo Review 2023: Account Types, Spreads, Customer Support and Expert Analysis

Finexo Review 2023: Account Types, Sprea...

eToro Review 2023: Trading Platforms, Instrument Variety Pros and Cons

eToro Review 2023: Trading Platforms, I...

Comprehensive Review of FXTrading.com: Pros and Cons of a Leading Trading Platform

Comprehensive Review of FXTrading.com: P...

Sky Alliance Markets Review 2023: Pros, Cons, and Trading Features

Sky Alliance Markets Review 2023: Pros, ...

;