Apr. 2, 2021
Starting the session at 153, GBP/JPY rallied above 153.23 for the first time in 2 years, gaining 13 pips, and is now trading at 153.14. (Start trading Pound/Yen at FXTM today).
This in-between state for Pound/Yen is reflected by market data published as data for United Kingdom Manufacturing PMI released yesterday at 8:30 AM came out at 58.9, beating projections of 57.9 and showing improvement over the preceding figure of 55.1. Data for Japan CFTC JPY speculative net positions was released today at 8:30 PM, suggests a downwards trend at -59,500, while previous data was -53,500. Released today at 8:30 PM, United Kingdom's CFTC GBP speculative net positions showed an uptick coming in at 25,000, up from the previous number of 21,800.
As the day reaches an end, a chart visual study suggests the pound/yen might start to recover soon because it is getting close and is now only 119 pips from the support line at 151.94, Obviously, dipping below it could be an indication that further losses are ahead. 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. On the other hand, note that the upper Bollinger band is at 153.54, 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 performances are seen elsewhere as the S&P hit a fresh record high at 4,020.63. After starting the session at 19.4, VIX lost 2.07 points and is trading around 17.33. NASDAQ added 1.76% to its value, now trading at 13,480. Crude Oil is up 3.02%.
Pound/Yen social media highlights: