GBP/JPY Weekly Analysis (week of 09-13/11)

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Weekly Summary

The Pound/Yen green move took place amid mixed market indicators - United Kingdom Manufacturing Production fell short of the projections, at 0.2 and continued its downward trajectory from the previous figure of 0.9.

A look at other markets shows behavior that usually indicates a green move for the pound/yen as Euro/Pound went down to 0.8966 (31 pips). USD/SGD drops to 1.3473 (17 pips).

In the meantime, pound hit 1.3272, highest rate in 2 months. The Canadian Dollar trades with no major change, around 1.3134. EUR/NZD trades around 1.728, with no major change.

Nov. 13, 2020

After starting the day at 137.86, Pound/Yen crawls to 138.1 (up 23 pips)

(22:15) GMT

Small gain for GBP/JPY at 138.1 after ranging today between 137.52 and 138.51.

The uptick comes while some more positive signs for the Pound/Yen are out. As Released on Thursday 7:00 AM, United Kingdom's Monthly GDP 3M/3M Change showed an uptick coming in at 15.5, up from the previous number of eight.

Nevertheless, United Kingdom Manufacturing Production fell short of the projections, with 0.2 and continued its downward trajectory from the previous figure of 0.9. The United Kingdom's GDP fell short of the 1.5 projections, at 1.1 and continued its downward trajectory from the previous figure of 2.1.

A look at other markets shows behavior that usually indicates a green move for the pound/yen as Sterling is green with a 0.58% gain (75 pips), to 1.3193 levels. Euro/Pound went down to 0.8966 (31 pips).

At 137.19, Pound/Yen made an initial breakout below the 5 day Simple Moving Average. The Pound/Yen is climbing away and is now 285 pips from the 135.19 support line.

Nov. 12, 2020

Pound/Yen made its largest single-day drop (150 pips) since Sep. 10

(22:15) GMT

The GBP/JPY made its largest single-day drop (150, pips) since Sep. 10

This downslide might be related to financial indicators data published earlier as United Kingdom Manufacturing Production fell short of the projections, at 0.2 and continued its downward trajectory from the previous figure of 0.9. United Kingdom GDP published today at 7:00 AM came out at 1.1, falling short of the 1.5 projections and continuing its decline from the previous 2.1 figure.

On the flip side, released today at 7:00 AM, United Kingdom's Monthly GDP 3M/3M Change showed an uptick coming in at 15.5, up from the previous number of eight.

The Pound/Yen nearest support level is at 137.38, followed by 135.19 at the next level.

Taking a wider perspective, performance of these other symbols usually suggests a setback for Pound/Yen as the Pound dropped -0.79% (104 pips) to 1.3119. The Euro/Pound is trading around 0.8998 (up 92 pips).

At the same time, The Canadian Dollar gained 0.59%, currently at 1.3136 EUR/NZD added 0.82% to its value, now trading at 1.7251

The market will keep its eye on the following upcoming macroeconomics indicators: United Kingdom BoE Gov Bailey's speech will be released tomorrow at 4:00 PM. United Kingdom MPC Member Tenreyro's speech is set for tomorrow at 2:00 PM. United Kingdom CFTC GBP speculative net positions is scheduled for tomorrow at 8:30 PM. Japan CFTC JPY speculative net positions will be released tomorrow at 8:30 PM.

Nov. 11, 2020

Pound/Yen goes back up to Sep. 6 levels, reaching 140.31

(22:15) GMT

After starting the day at 139.66, GBP/JPY rallied to 140.31, hitting its highest point in 2 months, It later lost 97 pips and is now trading at 139.34

On the flip side, positive data for Pound/Yen released earlier when United Kingdom Claimant Count Change (Oct) released earlier shows an improvement to -29.8 from the preceding data of -40.2, but falls short of the projected 50. United Kingdom Average Earnings Index +Bonus beats expectations of one with new data release of 1.3. This is also a step forward from the previous data of 0.1.

Meanwhile, United Kingdom Employment Change 3M/3M (MoM) (Sep) fell short of the -148 projections, at -164 and continued its downward trajectory from the previous figure of -153.

The Relative Strength Index has fallen below 70 – exiting overbought conditions and indicating possible moderate gains or a downward correction is a head. The Pound/Yen nearest support level is at 137.38, followed by 135.19 at the next level.

At the same time, EUR/NZD is trading around 1.7107 after starting the session at 1.73 (down 191 pips). The British Pound hit 1.3296, highest rate in 2 months. The Canadian Dollar gained 0.26%, currently at 1.3061 Euro/Pound is trading around 0.8905.

The market will be looking forward to the upcoming release of the following indicators: United Kingdom Manufacturing Production is projected to outperform the last figure by one while it previously stood at 0.7, data will be released tomorrow at 7:00 AM. The United Kingdom's GDP is expected tomorrow at 7:00 AM. United Kingdom Monthly GDP 3M/3M Change will be released tomorrow at 7:00 AM. United Kingdom BoE Gov Bailey's speech is set for tomorrow at 8:00 AM.

Nov. 10, 2020

Pound/Yen hits 139.77, highest rate in 2 months

(22:15) GMT

After starting the day at 138.51, GBP/JPY rallied to 139.77, hitting its highest point in 2 months, It later lost 14 pips and is now trading at 139.63

This move comes while some more positive signs for the Pound/Yen are out as the United Kingdom Claimant Count Change (Oct) released earlier shows an improvement to -29.8 from the preceding data of -40.2, but falls short of the projected 50. Data for United Kingdom Average Earnings Index +Bonus released today at 7:00 AM came out at 1.3, beating projections of one and showing improvement over the preceding figure of 0.1.

Meanwhile, Japan Adjusted Current Account fell short of the 1.79 projections, with 1.35 and continued its downward trajectory from the previous figure of 1.66.

The Pound/Yen nearest support level is at 136.

A look at other markets shows behavior that usually indicates a green move for the pound/yen as Sterling gained 0.81% (105 pips), reaching 1.3265 levels. Euro/Pound drops to 0.8904 (73 pips).

In the meantime, Canadian Dollar is trading around 1.3023 after starting the session at 1.3004 (up 0.15%). The EUR/NZD is trading around 1.73 after starting the session at 1.7335 (down 34 pips).

The market is looking forward to the United Kingdom Trade Balance Non-EU expected tomorrow at 7:00 AM. The United Kingdom NIESR GDP Estimate is scheduled to come out tomorrow at 2:00 PM.

Nov. 9, 2020

New 2 months high for Pound/Yen at 138.91

(22:15) GMT

After starting the day at 135.9, GBP/JPY rallied to 138.91, hitting its highest point in 2 months, It later lost 28 pips and is now trading at 138.62

The Pound/Yen nearest support level is at 135.19.

A look at other markets shows behavior that usually indicates a green move for the pound/yen as Euro/Pound went down to 0.8974 (55 pips).

In the meantime, EUR/NZD is trading around 1.7316 after starting the session at 1.7531 (down 214 pips). The Canadian Dollar is trading around 1.2998 after starting the session at 1.3059 (down 61 pips). The British Pound hit 1.3205, highest rate in 2 months.

The market is looking forward to United Kingdom Claimant Count Change (Oct) projected to outperform last figure with 78.8 while it previously stood at 28, data will be released tomorrow at 7:00 AM. United Kingdom Employment Change 3M/3M (MoM) (Sep) projected to outperform last figure at -135 while it previously stood at -153, data will be released tomorrow at 7:00 AM. Japan Adjusted Current Account is projected to outperform the last figure with 1.79 while it previously stood at 1.65, data will be released today at 11:50 PM. Tomorrow at 7:00 AM, data for the United Kingdom Unemployment Rate will be released, with an expected decline to 4.8 from the preceding figure of 4.5.