Daily Analysis For GBP/JPY   28-04-2023

Daily Analysis For GBP/JPY 28-04-2023

GBP/JPY Analysis
Economic Events and Scenario for GBP/JPY
Economic Events : -
00:01(United Kingdom) Car Production YoYLowGBP
00:30(Japan) Unemployment RateMediumJPY
00:30(Japan) Jobs/applications ratioLowJPY
00:30(Japan) Tokyo CPI Ex Food and Energy YoYLowJPY
00:30(Japan) Tokyo Core CPI YoYLowJPY
00:30(Japan) Tokyo CPI YoYLowJPY
00:50(Japan) Industrial Production MoMMediumJPY
00:50(Japan) Industrial Production YoYLowJPY
00:50(Japan) Retail Sales YoYMediumJPY
00:50(Japan) Retail Sales MoMLowJPY
01:00(Euro Area) Eurogroup MeetingMediumEUR
02:30(Australia) Private Sector Credit YoYLowAUD
02:30(Australia) Private Sector Credit MoMLowAUD
02:30(Australia) PPI YoYLowAUD
02:30(Australia) PPI QoQMediumAUD
02:30(Australia) Housing Credit MoMMediumAUD
04:00(Japan) BoJ Interest Rate DecisionHighJPY
04:00(Japan) BoJ Quarterly Outlook ReportMediumJPY
06:00(Estonia) Retail Sales YoYLowEUR
06:00(Estonia) Retail Sales MoMLowEUR
06:00(Japan) Housing Starts YoYMediumJPY
06:00(Japan) Construction Orders YoYLowJPY
06:30(France) GDP Growth Rate YoYHighEUR
06:30(France) GDP Growth Rate QoQHighEUR
06:30(France) Household Consumption MoMLowEUR
06:30(Germany) North Rhine Westphalia CPI YoYHighEUR
06:30(Germany) North Rhine Westphalia CPI MoMHighEUR
07:00(Germany) Import Prices MoMLowEUR
07:00(Germany) Import Prices YoYLowEUR
07:30(Switzerland) Retail Sales MoMHighCHF
07:30(Switzerland) Retail Sales YoYHighCHF
07:45(France) PPI YoYLowEUR
07:45(France) PPI MoMLowEUR
07:45(France) Inflation Rate YoYHighEUR
07:45(France) Harmonised Inflation Rate MoMLowEUR
07:45(France) Harmonised Inflation Rate YoYLowEUR
07:45(France) Inflation Rate MoMMediumEUR
08:00(Austria) PPI YoYLowEUR
08:00(Austria) GDP Growth Rate QoQLowEUR
08:00(Austria) PPI MoMLowEUR
08:00(Austria) GDP Growth Rate YoYLowEUR
08:00(Spain) GDP Growth Rate YoYMediumEUR
08:00(Spain) GDP Growth Rate QoQMediumEUR
08:00(Spain) Inflation Rate YoYMediumEUR
08:00(Spain) Inflation Rate MoMMediumEUR
08:00(Spain) Harmonised Inflation Rate YoYLowEUR
08:00(Spain) Harmonised Inflation Rate MoMLowEUR
08:00(Spain) Core Inflation Rate YoYLowEUR
08:00(Switzerland) KOF Leading IndicatorsMediumCHF
08:55(Germany) Unemployment RateHighEUR
08:55(Germany) Unemployment ChangeHighEUR
08:55(Germany) Unemployed PersonsMediumEUR
09:00(European Union) Informal ECOFIN MeetingLowEUR
09:00(Germany) Baden Wuerttemberg CPI YoYHighEUR
09:00(Germany) Baden Wuerttemberg CPI MoMHighEUR
09:00(Germany) Bavaria CPI MoMHighEUR
09:00(Germany) Bavaria CPI YoYHighEUR
09:00(Germany) Brandenburg CPI MoMHighEUR
09:00(Germany) Brandenburg CPI YoYHighEUR
09:00(Germany) Hesse CPI MoMHighEUR
09:00(Germany) Hesse CPI YoYHighEUR
09:00(Germany) GDP Growth Rate QoQHighEUR
09:00(Germany) GDP Growth Rate YoYHighEUR
09:00(Italy) GDP Growth Rate YoYHighEUR
09:00(Italy) GDP Growth Rate QoQHighEUR
09:00(Spain) Current AccountLowEUR
09:00(Switzerland) SNB Jordan SpeechLowCHF
09:30(Portugal) GDP Growth Rate YoYLowEUR
09:30(Portugal) GDP Growth Rate QoQLowEUR
09:30(Slovenia) Inflation Rate MoMLowEUR
09:30(Slovenia) CPILowEUR
09:30(Slovenia) Harmonised Inflation Rate YoYLowEUR
09:30(Slovenia) Inflation Rate YoYLowEUR
10:00(Euro Area) GDP Growth Rate YoYHighEUR
10:00(Euro Area) GDP Growth Rate QoQHighEUR
10:00(Germany) Saxony CPI MoMHighEUR
10:00(Germany) Saxony CPI YoYHighEUR
10:00(Greece) Retail Sales YoYHighEUR
10:00(Greece) PPI YoYLowEUR
10:00(Malta) PPI YoYLowEUR
10:30(Belgium) PPI YoYLowEUR
11:00(Latvia) Retail Sales MoMLowEUR
11:00(Latvia) Retail Sales YoYLowEUR
11:00(Italy) Industrial Sales YoYLowEUR
11:00(Italy) Industrial Sales MoMLowEUR
11:00(Ireland) Retail Sales YoYLowEUR
11:00(Ireland) Retail Sales MoMLowEUR
11:00(Luxembourg) PPI YoYLowEUR
11:00(Portugal) Inflation Rate YoYLowEUR
11:00(Portugal) Inflation Rate MoMLowEUR
11:00(Portugal) Retail Sales YoYLowEUR
11:00(Portugal) Retail Sales MoMLowEUR
13:00(Germany) Harmonised Inflation Rate MoMLowEUR
13:00(Germany) Inflation Rate MoMMediumEUR
13:00(Germany) Inflation Rate YoYHighEUR
13:00(Germany) Harmonised Inflation Rate YoYLowEUR
13:30(Canada) GDP MoMMediumCAD
13:30(Canada) GDP MoMMediumCAD
13:30(United States) Employment Cost - Benefits QoQMediumUSD
13:30(United States) Employment Cost - Wages QoQMediumUSD
13:30(United States) Core PCE Price Index YoYLowUSD
13:30(United States) Core PCE Price Index MoMHighUSD
13:30(United States) PCE Price Index YoYMediumUSD
13:30(United States) PCE Price Index MoMMediumUSD
13:30(United States) Personal Income MoMHighUSD
13:30(United States) Personal Spending MoMHighUSD
13:30(United States) Employment Cost Index QoQMediumUSD
13:30(Germany) Bundesbank Wuermeling SpeechLowEUR
14:45(United States) Chicago PMIMediumUSD
15:00(United States) Michigan Current ConditionsLowUSD
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 5 Year Inflation ExpectationsLowUSD
16:00(Canada) Budget BalanceLowCAD
18:00(United States) Baker Hughes Oil Rig CountLowUSD
18:00(United States) Baker Hughes Total Rig CountLowUSD

Today's Scenario: - GBP/JPY has surged to reach a new yearly high around 168.15, as buyers react positively to the Bank of Japan's decision to keep its monetary policy unchanged. The Yen weakness and technical breakout, coupled with the release of upbeat sentiment data from the UK, have also bolstered the cross-currency pair's upward momentum.
The BoJ's decision to maintain the benchmark interest rates at -0.10% and the 0.50% band of the Yield Curve Control policy was widely anticipated by the market. However, the central bank's statement that it will take further easing measures if necessary, while aiming for market stability, has provided additional support for the GBP/JPY bulls.
The technical breakout and positive UK sentiment data have also contributed to the pair's rally. The GBP/JPY's ability to break through key resistance levels and the release of better-than-expected sentiment data from the UK has boosted investor confidence in the British economy and its currency, further supporting the pair's upward trajectory.

Buy Scenario: - The GBP/JPY pair has been showing an upward bias, but it faces resistance at around the 168.00 level. Although it has posted two consecutive days of gains, failure to surpass 168.00 could lead to downside risks. Additionally, the Relative Strength Index (RSI) indicates that sellers are still present.
On the other hand, the Rate of Change (RoC) shows that buyers are still active, which could lead to a possible rally. If buyers can push past 168.00, that could further increase the upward momentum towards the swing high of December 13 at 169.27. However, there are some obstacles to overcome on the way up.
The first hurdle is the YTD high at 167.97, located near the 168.00 level. A break above this level would expose the last cycle high in December at 169.27. Till we do not advise to buy GBP/JPY.

Sell Scenario: - Alternatively, if the GBP/JPY falls below 167.00, it could exacerbate a decline towards the 20-day Exponential Moving Average (EMA) at 165.85, followed by the latest week's low at 165.42, before testing the 50-day EMA at 164.21. Till we do not advise to sell GBP/JPY.

Support and Resistance Level: -
S1 166.65-R1 167.83
S2 165.89-R2 168.25
S3 165.47-R3 169.01


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