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GBP/JPY

Jul. 23, 2021

Pound/Yen up 43 pips to 152.04 building up on its four days of gains

(23:15) GMT

Hesitant but green: from an earlier low of 151.48, Pound/Yen is up to 152.04 gaining 43 pips compared to the 151.6 start of the day (0.29%).

Uptick comes while some more positive signs for Pound/Yen are out as United Kingdom Composite PMI fall short of the 61.9 projections, with 57.7 and continued its downward trajectory from previous figure of 62.2. United Kingdom Services PMI fall short of the 62 projections, with 57.8 and continued its downward trajectory from previous figure of 62.4. United Kingdom Manufacturing PMI published today at 8:30 AM came out at 60.4, falling short of the 62.7 projections and continuing its decline from the previous 63.9 figure.

As the day reaches an end a chart visual study suggests GBP/JPY could be slowing down soon as it approaches resistance at 153.19, of course crossing it might suggest further gains are ahead. In terms of trend indicators, we can see that medium-term trend indication has turned positive as the MACD (moving average convergence divergence) index generated a crossover buy signal. This occurs as the MACD line crosses above the MACD signal line. Pound/Yen is alternating around the 152.12 Fibonacci resistance level.

Overall, the technical analysis picture suggests Pound/Yen is neutral for the immediate future, with no clear-cut direction.

At the same time, S&P 500 reaches a new record high at 4,412.81. Nasdaq reaches a new record high at 14,843. Dow Jones up 238.2 points to 35,062 building up on its four days of gains.

Pound/Yen started the year by gaining 7%. Looking at the long term behavior shows Pound/Yen has been trading sideways for the last 9 months.

Pound/Yen social media highlights:

The 1964 Tokyo Olympics showcased the reemergence of an innovative country 19 years after World War II. In 2021, Japan’s resiliency is on display again, as the country stages the postponed Tokyo Olympics during a once-in-a-lifetime pandemic.
https://t.co/339xib0MWl
— The Associated Press (@AP) July 23, 2021

trade on the GBP/JPY

Week to date

Pound/Yen bounces 359 pips from 5 months and a half low .

A good end to the trading week, GBP/JPY recovered back to 152.04 after dipping down to 148.44 in a week that started at 151.06. (Trade Pound/Yen with FXTM now).

Uptick comes while some more positive signs for Pound/Yen are out as United Kingdom Composite PMI published today at 8:30 AM came out at 57.7, falling short of the 61.9 projections and continuing its decline from the previous 62.2 figure. United Kingdom Services PMI published today at 8:30 AM came out at 57.8, falling short of the 62 projections and continuing its decline from the previous 62.4 figure. United Kingdom Manufacturing PMI published today at 8:30 AM came out at 60.4, falling short of the 62.7 projections and continuing its decline from the previous 63.9 figure.

On the other hand, United Kingdom Retail Sales comes out at 0.5%, above the estimate of 0.4%. This is also a step forward from the previous data of -1.3%.

At the same time, United Kingdom CFTC GBP speculative net positions is released with a new figure of -3,500, this is down from preceding data of 8,000.

While Pound/Yen is green so far today, these assets are not doing so well- Euro/Yen drops to 128.57, as it hits a 4 months low. At 109.06, Dollar/Yen is down to its lowest value in 2 months.

Outlook for rest of the week: Market is looking forward for Japan Industrial Production projected to outperform last figure with 5%, while it previously stood at -6.5%, figure will be published Thursday.

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