GBP/JPY (week of 31-04/06)

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Weekly Summary

Pound/Yen nudges down to 155.09 after starting the week at 155.66 (down 0.37%) .

A bearish end to the trading week, GBP/JPY recovering back almost all the way to 155.66 after dipping down to 154.73. (Start trading Pound/Yen at FXTM today).

This downslide might be related to financial indicators data published earlier as data for United Kingdom Construction PMI released today at 8:30 AM comes out at 64.2, beating projections of 62.3 and showing improvement over the preceding figure of 61.6. Data for United Kingdom Composite PMI released yesterday at 8:30 AM comes out at 62.9, beating projections of 62 and showing improvement over the preceding figure of 62.

Meanwhile, data for Japan Household Spending (MoM) (Apr) released yesterday at 11:30 PM is better than expected with 0.1, but worse than previous figure of 7.2.

In the meantime negative performances are also seen in other symbols, USD/SGD hits a 3 months low, as it drops to 1.3185. Aussie/Dollar fell to 0.7642, hitting a 6 weeks low.

Positive performance however can be seen looking at other symbols as after 4 months, EUR/NZD hits a fresh high at 1.701. EUR/AUD hits 1.5851, highest price in 4 months. Dollar/Yen rallies beyond 110.33 for the first time in 2 months.

Jun. 4, 2021

Pound/Yen drops by 0.31% to 155.09, after mostly sideways recent trend

(23:15) GMT

After 6 days of trading sideways Today's session so far suggest further slow down – Pound/Yen is sliding down from 155.56 to 155.09, taking a 47 pips loss (0.31%).

This downslide might be related to financial indicators data published earlier as United Kingdom Construction PMI beats expectations of 62.3 with new data release of 64.2. This is also a step forward from the previous data of 61.6. United Kingdom Composite PMI comes out at 62.9, above the estimate of 62. This is also a step forward from the previous data of 62.

Meanwhile, Japan Household Spending (MoM) (Apr) released yesterday at 11:30 PM is better than expected at 0.1 but down from preceding data of 7.2 according to new data.

As the day reaches an end a chart visual study suggests Pound/Yen might start to recover soon because it is getting close and is now only 115 pips from support line at 153.93, obviously dipping below it could be an indication that further losses are ahead. In terms of trend indicators, we can see that although down today, it's worth noting that in earlier trading Pound/Yen peaked above the 155.47, usually an indication that a positive move is maybe ahead. However the upper Bollinger band at 156, indicating a further downward move might be next.

Overall, looking at the technical analysis landscape – although indicators are mixed and some are pointing in different directions it seems Pound/Yen might reverse course and start pointing upward in the short term.

In the meantime negative performances are also seen in other symbols, Dollar/Yen drops by 69 pips (0.7%), making its largest single-day fall since November 2020.

Positive performance however can be seen looking at other symbols as EUR/AUD climbs to a new 4 months high at 1.5847.

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