GBP/JPY Live News

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GBP/JPY

Jul. 6, 2022

Pound-Yen ended the previous session at 162.4; currently trading at 161.47

Live - Updated 5 minutes ago.

Pound-Yen is grinding lower from 162.4 to 161.47, shedding 93 pips (0.58%) today.

Data for United Kingdom Services PMI (Jun) released yesterday at 8:30 AM comes out at 54.3, beating projections of 53.4 and showing improvement over the preceding figure of 53.4. United Kingdom Composite PMI (Jun) beats expectations of 53.1 with new data release of 53.7. This is also a step forward from the previous data of 53.1.

Nonetheless, encouraging indicators for Pound-Yen published earlier when following a previous reading of 56.4, Construction PMI (Jun) in United Kingdom released today at 8:30 AM fell short of the 55 figure expected by analysts with an actual reading of 52.6.

Trend analysis indicates that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Pound-Yen is flirting with the 161.21 Fibonacci support level. Asset volatility analysis shows that Bollinger bands shows an indication of recovery: the lower band is at 162.14, a low enough level to, generally, suggest that Pound-Yen is trading below its value. Chart analysis indicates the resistance level is at 162.53, followed by 168.29.

Overall, the technical outlook suggests Pound-Yen is likely to remain muted for the immediate future, with no clear-cut direction.

In the meantime, negative performances are seen in other pairs, Euro-Dollar is struggling this session after touching lows at 1.0221 — a level last seen 5 years ago. EUR/JPY is down to 138.25, losing 113 pips, after closing at 139.38 yesterday.

Positive performances can be seen by looking at other currencies as USD/SGD traded above the 1.4 level for the first time in 2 years.

The market will keep its eye on the following upcoming macroeconomics indicators: Japan Household Spending (YoY) (May) is projected to outperform its last figure with 2.1. It previously stood at -1.7, and data will be released tomorrow at 11:30 PM. Japan Current Account n.s.a. (May) expected to decline to 186 billion, while its preceding data was 501 billion, data will be available tomorrow at 11:50 PM. Japan's new Household Spending (MoM) (May) data will be available tomorrow at 11:30 PM. Data is expected to decline to 0.8 from its previous value of one.

Having set a marker at a peak of 168.29 around 28 days ago, Pound-Yen is now trading 3.5% below this level.

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Week to date

Pound-Yen inches up to 161.47, after ending the last session at zero (down 0%) .

Trading week at a glance - GBP/JPY is up to 161.47, after closing yesterday at zero. Overall, a 0% move or 16,146 pips this week. (Trade Pound-Yen with FXTM now).

Pound-Yen upside coincides with further encouraging market factors as following a previous reading of 56.4, Construction PMI (Jun) in United Kingdom released today at 8:30 AM fell short of the 55 figure expected by analysts with an actual reading of 52.6. United Kingdom Manufacturing PMI (Jun) published Friday came out at 52.8, falling short of the 53.4 projections and continuing its decline from the previous 54.6 figure.

Nevertheless United Kingdom Services PMI (Jun) beats expectations of 53.4 with new data release of 54.3. This is also a step forward from the previous data of 53.4. United Kingdom Composite PMI (Jun) beats expectations of 53.1 with new data release of 53.7. This is also a step forward from the previous data of 53.1. Following a previous reading of 14, Tankan Large Manufacturers Index (Q2) in Japan released Thursday fell short of the 13 figure expected by analysts with an actual reading of nine.

Outlook for rest of the week: Positive Pound-Yen indicators are expected going forward as United Kingdom Manufacturing Production (MoM) (May) is expected Wednesday.

The market is looking forward to the release of new data: Japan Household Spending (YoY) (May) is projected to outperform its last figure with 2.1. It previously stood at -1.7, and data will be released tomorrow at 11:30 PM. United Kingdom Industrial Production (MoM) (May) is projected to rise to 0.2, beating the previous -0.6 figure. Official data is expected Wednesday.

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