GBP/JPY (week of 16-20/01)

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Weekly Summary

Pound-Yen is trading around 160.64 after ending the previous session at zero (up 0%) .

A good end to the trading week, GBP/JPY is up to 160.64, after closing yesterday at zero. Overall, a 0% move or 16,064 pips this week. (Start trading Pound-Yen at FXTM today).

Pound-Yen upside coincides with further encouraging market factors as United Kingdom Retail Sales published today at 07:00 UTC came out at -1%, falling short of the 0.5% projections and continuing its decline from the previous -0.5% figure.

On the flip side, United Kingdom Average Earnings Index +Bonus came out at 6.4, better than analyst estimates of 6.2 and improving upon the previous reading of 6.2.

Meanwhile, United Kingdom Consumer Price Index released Wednesday with a figure of 10.5%, while the previous figure was 10.7%. United Kingdom Claimant Count Change (Dec) came out at 19,700, while a consensus of analysts was expecting 19,800. United Kingdom CFTC GBP speculative net positions released today at 20:30 UTC with a figure of -24,700, while the previous figure was -29,500.

Also worthy of note, United Kingdom Composite PMI is expected Tuesday. United Kingdom Manufacturing PMI is expected Tuesday. United Kingdom PPI Input (MoM) (Dec) will be released Wednesday.

Jan. 20, 2023

Pound-Yen currency pair adds 155 pips or 0.98%

(23:15) GMT

Pound-Yen trades at 160.64 after gaining 155 pips (0.98%).

Uptick comes while some more positive signs for Pound-Yen are out as highly important Retail Sales data from United Kingdom beat analyst expectations of 0.5% with a reading of -1%.

At the same time, United Kingdom CFTC GBP speculative net positions released today at 20:30 UTC with a figure of -24,700, while the previous figure was -29,500. Fresh CFTC JPY speculative net positions data from Japan came out at -23,000.

Bollinger Band® analysis indicates that current price action is approaching the upper band at 162, thereby suggesting that GBP/JPY is becoming overvalued. Pound-Yen could be slowing down soon; it is getting close to the resistance line and is now at 160.73, only 8 pips away. Crossing the resistance line could, however, suggest that further gains are ahead. On the other hand, note that having stamped out a session range of 158.97 to 161.29, Fibonacci-inclined Pound-Yen traders were highly concentrated around active Fibonacci resistance at 159.29.

Despite basking in an uptrend and bullish intraday sentiment, chart analysis indicates Pound-Yen is set for a reversal in the coming days.

Other currencies are also rising as having closed the previous session at 139.07, EUR/JPY is up 1.15% today to currently trade at around 140.67.

While Pound-Yen is up today, these currencies are lagging behind: after ending yesterday's session at 1.9363, GBP/NZD lost 212 pips and is trading around 1.915. EUR/NZD drops 0.96% to trade around 1.6768.

Having set a peak of 171.32 around 2 months ago, Pound-Yen is now trading 7.14% below this level.

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