Feb. 19, 2021
After starting the day at 147.62, GBP/JPY went up to 147.59 only to drop back to the starting point range and is now trading at 147.59.
This in-between state for Pound/Yen is reflected by market data published as United Kingdom Services PMI comes out at 49.7, above the estimate of 41. This is also a step forward from the previous data of 39.5. The United Kingdom Composite PMI came out at 49.8, above the estimate of 42.2. This is also a step forward from the previous data of 41.2. The United Kingdom Manufacturing PMI came out at 54.9, above the estimate of 53.2. This is also a step forward from the previous data of 54.1.
Visual analysis of the Pound/Yen's price graph shows the Pound/Yen nearest support level is at 139.94. In terms of trend indicators, we can see that the CCI indicator is above 100. When the CCI (Commodity Channel Index) is at this level, it means the price is above the average price as measured by the indicator, indicating a possible start of a new uptrend. Momentum evaluation shows the Relative Strength Index indicates the Pound/Yen is in overbought condition, keep an eye out for a slowdown of gains. On the other hand, note that the upper Bollinger band is at 148.34, indicating a downward move might be next.
Overall, looking at the technical analysis landscape, it seems the Pound/Yen might be pointing upward in the short term.
While the pound/yen is pretty flat so far today, mixed performance are seen elsewhere as the Australian dollar is trading around 0.7872 after starting the session at 0.7773 (up 1.27%). The New-Zealand Dollar is trading around 0.73 after starting the session at 0.7222 (up 1.06%).
Pound/Yen social media highlights: