GBP/JPY (week of 14-18/11)

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Weekly Summary

After ending yesterday at 166.85, Pound-Yen drifts up to 166.85 (up 16,685 pips) .

A good end to the trading week, GBP/JPY is up to 166.85, after closing yesterday at zero. Overall, a 0% move or 16,685 pips this week. (Trade Pound-Yen with FXTM now).

On the flip side, highly important Retail Sales data from United Kingdom beat analyst expectations of 0.3% with a reading of 0.6%. United Kingdom Average Earnings Index +Bonus released Tuesday is better than expected at six but down from preceding data of 6.1 according to new data. GDP in Japan fell short of market expectations (0.3) with a reading of -0.3, continuing the decline from the previous figure of 1.1.

Meanwhile, United Kingdom Consumer Price Index released Wednesday with a figure of 11.1%, while the previous figure was 10.1%. United Kingdom Claimant Count Change (Oct) came out at 3,300, while a consensus of analysts was expecting 17,300.

Also worthy of note, United Kingdom Services PMI is expected Wednesday. United Kingdom Composite PMI is expected Wednesday. United Kingdom Manufacturing PMI is expected Wednesday.

Nov. 18, 2022

Pound-Yen up 44 pips to 166.85 building up on its six days of gains

(23:15) GMT

Pound-Yen trades at 166.85 after gaining 44 pips (0.27%).

On the flip side, data for United Kingdom Retail Sales published today at 07:00 UTC came out at 0.6%, beating projections of 0.3% and showing improvement over the preceding figure of -1.5%.

Meanwhile, United Kingdom CFTC GBP speculative net positions released today at 19:30 UTC with a figure of -39,700, while the previous figure was -39,700. Fresh CFTC JPY speculative net positions data from Japan came out at -75,300.

GBP/JPY made an initial breakout above its 21 day Simple Moving Average at 167.09, a potential indicator of a newly emerging bullish phase. On the other hand, note that after reaching the known resistance zone beginning at 166.96, Pound-Yen price action retreated approximately 10 pips.

Overall, looking at the technical analysis landscape, it seems Pound-Yen might continue pointing upwards in the short term.

A look at other currencies also shows bullish price action as GBP/CAD is up 0.63%.

While Pound-Yen is up today, these currencies are lagging behind: EUR/NZD is down 130 pips from the beginning of the session and now trades around 1.6777. EUR/GBP closed at 0.8685 (down 0.55%).

Pound-Yen is now trading 15.08% away from its significant low of 144.6 first tested a month ago.

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