Mar. 3, 2021
Hesitant but green: from an earlier low of 148.82, GBP/JPY is up to 149.16, gaining 25 pips compared to 148.91 at the start of the day (0.17%). (Trade Pound/Yen with FXTM now).
Meanwhile, Japan Services PMI was released today at 12:30 AM with a figure of 46.3, This is better than the previous number of 46.1. Data for United Kingdom Nationwide HPI (MoM) (Feb) released yesterday at 7:00 AM came out at 0.7, beating projections of -0.3 and showing improvement over the preceding figure of -0.2. Data for United Kingdom Nationwide HPI (YoY) (Feb) released yesterday at 7:00 AM came out at 6.9, beating projections of 5.6 and showing improvement over the preceding figure of 6.4.
The Chart pattern study shows Pound/Yen is eyeing resistance at 149.67 and is now only 50 pips away, whilst this indicates a slow down or reverse of direction around 149.67, crossing it might suggest a prolonged positive move. Asset volatility analysis shows that the upper Bollinger band is at 150.35, This is a slight indication of a slowdown. On the other hand, note that the Relative Strength Index indicates the Pound/Yen is in overbought condition, keep an eye out for a slowdown of gains.
Overall, looking at the technical analysis landscape, it seems a reverse of course in the short term might be next for the Pound/Yen
While the pound/yen is green so far today, these assets are not doing so well- NASDAQ is down to 13,358.79, losing 230.04 points after opening at 13,588.83.
Other assets are showing mixed performance as well.
The market is looking forward to United Kingdom Services PMI projected to outperform last figure with 49.7 while it previously stood at 39.5, data will be released today at 9:30 AM. The United Kingdom Construction PMI is projected to outperform the last figure with 51 while it previously stood at 49.2, data will be released tomorrow at 9:30 AM. The United Kingdom's Annual Budget Release is scheduled today at 12:30 PM.
Pound/Yen social media highlights:
Live - Updated 23 minutes ago.
