Daily Analysis For GBP/JPY   26-04-2023

Daily Analysis For GBP/JPY 26-04-2023

GBP/JPY Analysis
GBP/JPY
Economic Events and Scenario for GBP/JPY
Economic Events : -
GMTEventImpactCurrency
02:30(Australia) RBA Trimmed Mean CPI QoQHighAUD
02:30(Australia) RBA Weighted Median CPI YoYHighAUD
02:30(Australia) RBA Weighted Median CPI QoQHighAUD
02:30(Australia) Inflation Rate QoQMediumAUD
02:30(Australia) Inflation Rate YoYHighAUD
02:30(Australia) RBA Trimmed Mean CPI YoYHighAUD
02:30(Australia) CPIHighAUD
02:30(Australia) Monthly CPI IndicatorHighAUD
04:00(New Zealand) Credit Card Spending YoYLowNZD
04:35(Japan) 2-Year JGB AuctionLowJPY
05:30(Netherlands) Retail Sales YoYLowEUR
06:00(Finland) Unemployment RateLowEUR
07:00(Germany) GfK Consumer ConfidenceHighEUR
07:45(France) Consumer ConfidenceMediumEUR
08:30(Euro Area) ECB Enria SpeechLowEUR
09:00(Austria) Bank Austria Manufacturing PMIHighEUR
09:00(Switzerland) Economic Sentiment IndexLowCHF
09:30(United Kingdom) Labour Productivity QoQLowGBP
09:30(Slovenia) Retail Sales YoYLowEUR
09:30(Slovenia) Retail Sales MoMLowEUR
10:10(Italy) 6-Month BOT AuctionLowEUR
10:20(Euro Area) ECB Jochnick SpeechLowEUR
10:30(Germany) 15-Year Bund AuctionLowEUR
11:00(Luxembourg) Balance of TradeLowEUR
11:00(France) Jobseekers TotalLowEUR
11:00(France) Unemployment Benefit ClaimsMediumEUR
11:00(United Kingdom) CBI Distributive TradesMediumGBP
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
13:00(Euro Area) ECB Guindos SpeechHighEUR
13:30(Canada) Manufacturing Sales MoMLowCAD
13:30(United States) Wholesale Inventories MoMMediumUSD
13:30(United States) Retail Inventories Ex Autos MoMMediumUSD
13:30(United States) Goods Trade BalanceHighUSD
13:30(United States) Non Defense Goods Orders Ex AirLowUSD
13:30(United States) Durable Goods Orders MoMHighUSD
13:30(United States) Durable Goods Orders ex Defense MoMHighUSD
13:30(United States) Durable Goods Orders Ex Transp MoMHighUSD
14:45(Euro Area) ECB Tuominen SpeechLowEUR
15:30(United States) EIA Refinery Crude Runs ChangeLowUSD
15:30(United States) EIA Crude Oil Stocks ChangeMediumUSD
15:30(United States) EIA Distillate Stocks ChangeLowUSD
15:30(United States) EIA Heating Oil 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) 2-Year FRN AuctionLowUSD
16:30(United States) 17-Week Bill AuctionLowUSD
17:00(Canada) 30-Year Bond AuctionLowCAD
18:00(United States) 5-Year Note AuctionLowUSD
18:30(Canada) BoC Summary of DeliberationsMediumCAD

Today's Scenario: - The GBP/JPY pair attempted to rally during Tuesday's trading session but eventually gave back its gains due to the market's sensitivity to risk appetite. The current market environment is considered a "risk off" one, and buyers may be interested in picking up value at the 165 level. However, the market remains noisy, and there are several factors influencing its price action.

Buy Scenario: - In GBP/JPY a break above the recent double high at 168 could lead to a move towards the 169.50 level where selling pressure has been seen previously. A breakout above the 170 level would be a significant development and could attract momentum buying.
Overall, the market is volatile with plenty of buyers looking to pick up value at key levels. Till we do not advise to buy GBP/JPY.

Sell Scenario: - If the market takes on more risk, it is likely that the pair will continue to move higher. The Friday candlestick bounced strongly from the 165 level, which indicates that it is an important level to watch. Till we do not advise to sell GBP/JPY.

Support and Resistance Level: -
SupportResistance
S1 164.95-R1 167.49
S2 163.93-R2 168.99
S3 162.42-R3 170.02

Discussion

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