GBP/JPY (week of 12-16/09)

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Weekly Summary

After ending the previous trading session at zero, Pound-Yen inches up to 163.21 (down 0%) .

A good end to the trading week, GBP/JPY is up to 163.21, after closing yesterday at zero. Overall, a 0% move or 16,321 pips this week. (Trade Pound-Yen with FXTM now).

This move comes while some more positive signs for Pound-Yen are out as United Kingdom Retail Sales published today at 06:00 UTC came out at -1.6%, falling short of the -0.5% projections and continuing its decline from the previous 0.4% figure. Highly important Manufacturing Production data from United Kingdom beat analyst expectations of 0.4% with a reading of 0.1%.

On the flip side, United Kingdom Average Earnings Index +Bonus beat analyst expectations of 5.4 and the previous reading of 5.2 with new data of 5.5.

At the same time, United Kingdom Consumer Price Index came out at 9.9%, while a consensus of analysts was expecting 10.2%. United Kingdom Claimant Count Change (Aug) released Tuesday with a figure of 6,300, while the previous figure was -14,500.

Also worthy of note, United Kingdom BoE Interest Rate Decision (Sep) is scheduled for Thursday. United Kingdom Composite PMI is expected Friday. United Kingdom Manufacturing PMI is expected Friday.

Sep. 16, 2022

Risk-off sentiment sees Pound-Yen posting 0.8% loss

(23:15) GMT

Pound-Yen crashes after losing 131 pips, breaking down to 163.21.

On the flip side, Retail Sales in United Kingdom fell short of market expectations (-0.5%) with a reading of -1.6%, continuing the decline from the previous figure of 0.4%.

Meanwhile, United Kingdom CFTC GBP speculative net positions released today at 19:30 UTC with a figure of -68,100, while the previous figure was -50,400. Japan CFTC JPY speculative net positions came out at -80,700.

GBP/JPY made an initial break below its 50 day Simple Moving Average at 162.97, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of 163.14 currently serving as support. If price action breaks below, the next Fib hurdle is 162.3.

Looking forward, Pound-Yen is poised to extend its strong downtrend and continue declining.

In the meantime, negative performances are seen in other pairs, GBP/NZD is down to 1.9058, losing 160 pips, after closing at 1.9218 yesterday. GBP/USD slumps 0.41% to trade around 1.142.

Positive performances can be seen by looking at other currencies as EUR/GBP increases 0.52% to trade around 0.8768.

Trading mostly sideways for a month. The past 6 months have been positive for Pound-Yen as it appreciated 5.31%, having traded as low as 149.23.

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