GBP/JPY (week of 26-30/04)

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Weekly Summary

After starting the week at 149.81, Pound/Yen goes up to 151.09 (down 127 pips) .

The GBP/JPY is up to 151.09 having started the day at 149.81, overall a 0.85% move or 127 pips today.

Meanwhile, released today at 7:30 PM, Japan's CFTC JPY speculative net positions showed an uptick coming in at -48,500, up from the previous number of -59,800. Released today at 7:30 PM, United Kingdom's CFTC GBP speculative net positions showed an uptick coming in at 29,200, up from the previous number of 25,200. Data for United Kingdom Nationwide HPI (MoM) (Apr) released today at 6:00 AM came out at 2.1, beating projections of 0.5 and showing improvement over the preceding figure of -0.3. Data for United Kingdom Nationwide HPI (YoY) (Apr) released today at 6:00 AM came out at 7.1, beating projections of five and showing improvement over the preceding figure of 5.7. Data for Japan Industrial Production released yesterday at 11:50 PM came out at 2.2, beating projections of -2 and showing improvement over the preceding figure of -1.3.

The market is looking forward to the United Kingdom's Construction PMI projected to decline to 54.6 while the previous data was 61.7, Data will be released on Friday. On Thursday, data for United Kingdom Composite PMI will be released, with an expected decline to 56.6 from the preceding figure of 60. The United Kingdom BoE Interest Rate Decision (May) is scheduled for Thursday.

Apr. 30, 2021

Is the bullish run coming to an end? Pound/Yen down to 151.09 (-0.55%)

(23:15) GMT

While in the midst of a 9 days up trend, gaining a total of 1.12%, (166 pips) Today's session suggests a slow down – The pound/yen is dark red after losing 83 pips, tumbling down to 151.09.

Meanwhile, Japan CFTC JPY speculative net positions were released today at 7:30 PM with a figure of -48,500, This is better than the previous number of -59,800. United Kingdom CFTC GBP speculative net positions were released today at 7:30 PM with a figure of 29,200, This is better than the previous number of 25,200. The United Kingdom Nationwide HPI (MoM) (Apr) came out at 2.1, above the estimate of 0.5. This is also a step forward from the previous data of -0.3.

As the day reaches an end, a chart visual study suggests the nearest support level is at 148.83, while the closest resistance is at 153.25. In terms of trend indicators, we can see that at 150.97, Pound/Yen made an initial breakout below the 50 day Simple Moving Average, an indication of a negative trend. Asset volatility analysis shows that the upper Bollinger band is at 151.71, indicating a further downward move might be next. However, 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.

Overall, looking at the technical analysis landscape – although indicators are mixed and some are pointing in different directions, it seems further drawbacks may be next for the Pound/Yen

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