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  • GBP/JPY Forecast – British Pound Remains Supported Vs Japanese Yen

    GBP/JPY Forecast – British Pound Remains Supported Vs Japanese Yen

    • – The British Pound formed a short-term bottom near 145.00 and recovered against the Japanese Yen.
    • – There was a break above a major bearish trend line with resistance at 146.85 on the hourly chart of GBP/JPY.
    • – Today in Japan, the Foreign exchange reserves for Feb 2018 were released by Ministry of Finance.
    • – The outcome was around the market forecast of $1,260B as the reserves in Feb 2018 were $1,261.7B.

    Japan’s Foreign Exchange Reserves

    Today in Japan, the Foreign exchange reserves for Feb 2018 were released by Ministry of Finance. The market was positioned for the forex reserves to be around $1,260B in Feb 218.

     

    However, the actual result was around the market forecast of $1,260B as the reserves in Feb 2018 were $1,261.7B. This was a bit lower than the last reading of $1,268.5B. There was no major impact on the Yen pairs, but today’s Halifax House Price Index release in the UK may perhaps impact the GBP/JPY pair.

     

    The GBP/JPY pair recovered nicely recently above the 146.20 level and it seems like the pair may continue to trade higher.

     

    GBP/JPY Technical Analysis

    The British Pound after a major decline found support near the 145.00 level against the Japanese Yen. The GBP/JPY pair traded as low as 144.98, started an upside move, and traded above the 145.50 resistance and the 100 hourly simple moving average.

     

    GBP/JPY Technical Analysis British Pound Japanese Yen

     

    The upside move was positive as the pair was able to settle above the 146.00 handle. There was also a break above a major bearish trend line with resistance at 146.85 on the hourly chart of GBP/JPY. The pair traded as high as 148.03 before starting a correction.

     

    The pair corrected lower and it recently tested the 50% Fib retracement level of the last wave from the 144.98 low to 148.03 high. At the moment, it seems like the 146.50 level is acting as a decent support along with the 100 hourly simple moving average.

     

    As long as the pair is above the 146.50-40 levels, it remains supported for more gains. On the upside, an initial resistance is around the 147.40 level, followed by the 148.00 handle.

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  • GBP/JPY Forecast – British Pound To Decline Below 148.50 Vs Japanese Yen?

    GBP/JPY Forecast – British Pound To Decline Below 148.50 Vs Japanese Yen?

    • – The British Pound is under a lot of pressure and it recently declined below 149.00 against the Japanese Yen.
    • – There are two bearish trend lines forming with resistances at 149.30 and 149.80 on the hourly chart of GBP/JPY.
    • – Today in Japan, the Gross Domestic Product for Q4 2017 (Prelim) was released by the Cabinet Office.
    • – The outcome was below the forecast of 0.2% as there was a rise in the GDP by 0.1% in Q4 2017.

    Japan’s Gross Domestic Product

    Today in Japan, the Gross Domestic Product for Q4 2017 (Prelim) was released by the Cabinet Office. The market was positioned for a rise of 0.2% in the GDP in Q4 2017 compared with the previous quarter.

     

    However, the actual result was below the forecast of 0.2% as there was a rise in the GDP by 0.1% in Q4 2017. This was well below the last reading of 0.6%. In terms of the yearly change, the preliminary reading suggests a rise of 0.5% in the GDP, less than the forecast of 0.9%.

     

    The GBP/JPY pair is currently declining, but there could be a minor upside correction towards the 149.30 and 149.80 resistance levels.

     

    GBP/JPY Technical Analysis

    The British Pound started a fresh downside move from well above the 154.00 level against the Japanese Yen. The GBP/JPY pair declined, broke the 152.00 and 150.00 support levels, and settled below the 100 hourly simple moving average.

     

    GBP/JPY Technical Analysis British Pound Japanese Yen

     

    The fell below the 149.00 support as well and traded as low as 148.70 recently. It seems like the pair could decline further towards the 1.236 Fib extension of the last wave from the 148.91 low to 150.82 high at 148.46. On the upside, there are two bearish trend lines forming with resistances at 149.30 and 149.80 on the hourly chart.

     

    If the pair corrects higher from the current levels, the 149.30 and 149.80 resistance levels are likely to act as a strong barrier.

     

    Overall, the pair decline below 148.50 and if sellers remains in control, it could even test the 1.618 Fib extension of the last wave from the 148.91 low to 150.82 high at 147.73.

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  • GBP/JPY Forecast – British Pound To Gain Further Vs Japanese Yen

    GBP/JPY Forecast – British Pound To Gain Further Vs Japanese Yen

    • – The British Pound made a nice upside move recently and is currently trading above 154.00 against the Japanese Yen.
    • – There is a crucial ascending channel forming with support at 154.10 on the hourly chart of GBP/JPY.
    • – Today in Japan, the Nikkei Manufacturing PMI for Jan 2017, preliminary reading was released.
    • – The outcome was above the forecast of 54.3 as there was a rise from 54.0 to 54.4.

    Japan’s Nikkei Manufacturing PMI

    Today in Japan, the Nikkei Manufacturing PMI for Jan 2017, preliminary reading was released. The market was positioned for a small rise in the index from the last reading of 54.0 to 54.3

     

    However, the actual result was above the forecast of 54.3 as there was a rise from 54.0 to 54.4, which means there was a decent expansion activity in Jan 2017. Commenting on the PMI report, an Economist at IHS Markit, Joe Hayes, stated:

     

    January flash PMI data for the Japanese manufacturing economy signalled further positivity. The sector as observed accelerated rates of improvement in each of the past three months.

     

    The GBP/JPY pair remains in an uptrend above the 154.00 support and it seems like the pair could accelerate above 154.50-80 in the near term.

     

    GBP/JPY Technical Analysis

    The British Pound started a major uptrend from the 152.20 swing low against the Japanese Yen. The GBP/JPY pair traded higher and broke many important resistances like 153.00 and 154.00 to close above the 100 hourly simple moving average.

     

    GBP/JPY Technical Analysis British Pound Japanese Yen

     

    The pair traded as high as 155.39 before starting a downside correction. It moved down and traded towards the 154.00 support. It seems like there is a crucial ascending channel forming with support at 154.10 on the hourly chart.

     

    The pair bounced once and traded above the 50% Fib retracement level of the last drop from the 155.39 high to 153.71 low. The upside move was protected by the 154.75 resistance. At the moment, the pair is holding the 134.00 support is currently trading above the 100 hourly SMA.

     

    As long as the pair is above the 154.00 level, it is likely to move higher. On the upside, a break above the 154.75-80 resistance is needed for buyers to gain traction.

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  • GBP/JPY Forecast – British Pound Holding Uptrend Support Vs Japanese Yen

    GBP/JPY Forecast – British Pound Holding Uptrend Support Vs Japanese Yen

    • – The British Pound surged higher recently and moved above 151.00 against the Japanese Yen.
    • – There is a short-term bullish trend line forming with support at 151.20 on the hourly chart of GBP/JPY.
    • – Today in Japan, the Consumer Confidence for Oct 2017 was released by the Cabinet Office.
    • – The outcome was above the forecast of 44.0 as there was a rise from 43.9 to 44.5.

    Japan’s Consumer Confidence

    Today in Japan, the Consumer Confidence for Oct 2017 was released by the Cabinet Office. The market was positioned for a minor rise in the index from the last reading of 43.9 to 44.0.

     

    However, the actual result was above the forecast of 44.0 as there was a rise from 43.9 to 44.5. Looking at the overall livelihood index, there was a rise from 42.5 to 43.0, and the income growth index was up from 41.8 to 42.5. The report added that:

     

    This survey was conducted on October 15th, 2017. It covered 8,400 households (Households of two or more persons are 5,712, One-person households are 2,688). The response rate was 69.7% (Households of two or more persons: 74.7%, One-person households: 59.3%).

     

    Overall, the GBP/JPY pair is likely to move higher as long as there is no break below the 151.00 support.

     

    GBP/JPY Technical Analysis

    The British Pound started a nice upside move from the 149.00-149.20 support area against the Japanese Yen. The GBP/JPY pair surged higher and broke a few key resistance levels such as 150.00, 150.40 and 151.00 and settled above the 100 hourly simple moving average.

     

    GBP/JPY Technical Analysis British Pound Japanese Yen

     

    The pair traded as high as 151.94 from where a minor correction was initiated. It declined below the 23.6% Fib retracement level of the last wave from the 149.19 low to 151.94 high. However, the pair is currently holding a short-term bullish trend line with support at 151.20 on the hourly chart.

     

    The trend line support is important at 151.20. As long as the pair is above 151.20 and 151.00, it would resume its uptrend. A break of the 151.00 support would ignite a downside wave towards the 50% Fib retracement level of the last wave from the 149.19 low to 151.94 high near 150.55.

     

    On the upside, the 151.50 level is an initial resistance. Above 151.50, the pair might retest 151.90.

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  • GBP/JPY Forecast – British Pound To Extend Its Decline Vs Japanese Yen

    GBP/JPY Forecast – British Pound To Extend Its Decline Vs Japanese Yen

    • – The British Pound is under bearish pressure and recently broke the 150.40 support against the Japanese Yen.
    • – There is a crucial bearish trend line forming with resistance at 150.30 on the hourly chart of GBP/JPY.
    • – Today in the UK, the PMI Construction for Sep 2017 was released by the Chartered Institute of Purchasing & Supply and Markit Economics.
    • – The outcome was below the forecast of 50.8 as there was a decline from 51.1 to 48.1.

     

    UK’s Construction PMI

    Today in the UK, the PMI Construction for Sep 2017 was released by the Chartered Institute of Purchasing & Supply and Markit Economics. The market was positioned for a minor decline from the last reading of 51.1 to 50.8.

     

    However, the actual result was below the forecast of 50.8, as there was a decline from 51.1 to 48.1. The PMI registered a contraction in Sep 2017 the business activity fell for the first time in 13 months. The report added that:

     

    September data revealed a difficult month for the UK construction sector, as a sustained drop in new work led to the first reduction in overall business activity since August 2016. Survey respondents attributed the drop in workloads to fragile confidence and subdued risk appetite among clients, especially in the commercial building sector.

     

    Overall, the GBP/JPY pair may continue to decline and it could even break the recent low of 149.27 in the near term.

     

    GBP/JPY Technical Analysis

    The British Pound faced a lot of selling pressure recently and started a downside move from the 151.60 swing high against the Japanese Yen. The GBP/JPY pair declined and broke a few important support levels like 151.20, 151.00 and 150.40.

     

    GBP/JPY Technical Analysis British Pound Japanese Yen

     

    The pair even traded below the 150.00 handle and the 100 hourly simple moving average. A low was formed at 149.27 from where a recovery was initiated. The pair moved above the 38.2% Fib retracement level of the last decline from the 150.95 high to 129.27 low.

     

    However, there is a crucial bearish trend line forming with resistance at 150.30 on the hourly chart.  The pair is currently struggling to break the 50% Fib retracement level of the last decline from the 150.95 high to 129.27 low.

     

    Therefore, there are high chances that the GBP/JPY pair would break the trend line support at 149.80 support and decline back towards the 149.30 zone.

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  • GBP/JPY Forecast – British Pound To Regain Traction Vs Japanese Yen

    GBP/JPY Forecast – British Pound To Regain Traction Vs Japanese Yen

    • – The British Pound is following a bullish pattern and remains supported at 145.40 against the Japanese Yen.
    • – There is a contracting triangle pattern forming with resistance at 146.40-50 on the hourly chart of GBP/JPY.
    • – Today in Japan, the Foreign investment in Japan stocks (July 28) figure was released by Ministry of Finance.
    • – The outcome was below the last reading of ¥377.0B (revised) and posted ¥292.4B.

     

    Foreign Investment in Japan Stocks

    Today in Japan, the Foreign investment in Japan stocks (July 28) figure was released by Ministry of Finance. The market was positioned for a minor rise from the last reading of ¥341.0B.

     

    However, the actual result was neutral, as the Foreign investment in Japan stocks (July 28) came in at ¥292.4B, down from the last reading. The last reading was revised up from ¥341.0B to ¥377.0B. When we look at the foreign bond investment, there was an increase from the last revised reading of ¥946.7B to ¥1,178.6B.

     

    Overall, the GBP/JPY pair may continue to move higher and might test the 146.20 and 146.40 levels in the near term.

     

    GBP/JPY Technical Analysis

    The British Pound remains in a nice uptrend and recently traded towards 146.50 against the Japanese Yen where it faced sellers. There was a downside correction initiated in GBP/JPY from the 146.41 high and the pair moved towards 145.50.

     

    GBP/JPY Technical Analysis British Pound Japanese Yen

     

    The pair traded below the 23.6% Fib retracement level of the last wave from the 144.46 low to 146.41 high. However, the downside move was protected by a major support area near 145.50-40. It also represents the 50% Fib retracement level of the last wave from the 144.46 low to 146.41 high.

     

    Moreover, there is a contracting triangle pattern forming with resistance at 146.40-50 on the hourly chart of GBP/JPY. There are chances that the pair may resume the trend and could soon break the 146.00 initial resistance.

     

    On the upside, the most important resistance is near 146.40. A successful close above 146.50 would lift the market sentiment in the near term. On the downside, the most important support and buy zone remains near 145.60-50.

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  • GBP/JPY Forecast – British Pound To Break This Vs Japanese Yen

    GBP/JPY Forecast – British Pound To Break This Vs Japanese Yen

    • – The British Pound after a decline towards 143.35 found support against the Japanese Yen.
    • – The GBP/JPY is currently attempting a break above a bearish trend line at 144.55 on the hourly chart.
    • – Today in the UK, the CBI Distributive Trades Survey for May 2017 (MoM) released by the Confederation of British Industry posted a rise of 2%.

     

    UK’s CBI Distributive Trades Survey

    In the UK today, the CBI Distributive Trades Survey for May 2017 was released by the Confederation of British Industry. The market was positioned for the CBI Distributive Trades Index to rise by 10% in May 2017, compared with the previous month.

     

    However, the result was below the forecast, as the increase was only 2%. Moreover, the Net Borrowing released by the National Statistics for April 2017 posted £9.648B, which was more the forecast of £8.150B. On the other hand, the last reading was revised down from £4.365B to £2.335B. The report mentioned that “Public sector net borrowing (excluding public sector banks) decreased by £23.4 billion to £48.7 billion in the financial year ending March 2017 (April 2016 to March 2017), compared with the financial year ending March 2016; this is the lowest net borrowing since the financial year ending March 2008”.

     

    Overall, the GBP/JPY pair may struggle in the near term, but the 143.80 support may play an important role.

     

    GBP/JPY Technical Analysis

    The British Pound was under pressure earlier, as it moved from 147.00 to 144.00 the Japanese Yen. Later, the GBP/JPY pair found support near 143.35 and started a recovery. It traded towards 145.40 where it faced offers and declined once again towards 143.76.

     

    GBP/JPY Technical Analysis British Pound Japanese Yen

     

    The pair is now forming support at 143.80 and moving higher. It is already above the 23.6% Fib retracement level of the last decline from the 145.38 high to 143.76 low. However, it is facing resistance near a bearish trend line at 144.55 on the hourly chart.

     

    The same trend line also coincides with the 100 hourly simple moving average at 144.56. Moreover, the 50% Fib retracement level of the last decline from the 145.38 high to 143.76 low is at 144.57. So, a break above 144.60-70 is needed for the pair to overcome selling pressure and resume uptrend. Looking at the last two candles, there are chances of gains towards 145.40 in the near term if 143.80 remains intact.

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  • GBP/JPY Forecast – British To Japanese Yen Slow and Steady Uptrend

    GBP/JPY Forecast – British To Japanese Yen Slow and Steady Uptrend

    • – The British Pound maintained its bullish bias and traded above 145.00 against the Japanese Yen.
    • – There is a monster rising channel with support at 144.90 formed on the hourly chart of GBP/JPY.
    • – Today in the UK, the PMI service for April 2017 released by both the Chartered Institute of Purchasing & Supply and the Markit Economics posted a rise from 55 to 55.8.

     

    UK Services PMI

    Today in UK, the PMI service for April 2017 was released by both the Chartered Institute of Purchasing & Supply and the Markit Economics. The market was positioned for the PMI to decrease from the last reading of 55 to 54.5.

     

    However, the result was above the market forecast, as the PMI service posted an increase to 55.8. The best part was the sharpest rise in business activity since December 2016, and the work and employment levels also expanded at a great pace. Commenting on the data, the Director of Customer Relationships at the Chartered Institute of Procurement & Supply, Duncan Brock, stated “The UK’s biggest sector started Q2 in stellar fashion with the strongest performance so far this year and with new business growth riding high”.

     

    Overall, the result was positive, and likely to help GBP/USD in gaining pace above the 145.40 level in the near term.

     

    GBP/JPY Technical Analysis

    The British Pound gained a lot of pace recently and moved above the 144.40 and 145.00 resistance levels against the Japanese Yen. The best part was GBP/JPY moving above the 145.00 level, suggesting a solid bullish bias.

     

    GBP/JPY Technical Analysis British Pound Japanese Yen

     

    There is a monster rising channel with support at 144.90 formed on the hourly chart of GBP/JPY, which is acting as an upside move catalyst and preventing losses. The pair recently dipped towards the 23.6% Fib retracement level of the last wave from the 143.15 low to 145.40 high where it found support.

     

    The pair is currently well above the channel support and the 100 hourly simple moving average, and looking to break the channel resistance at 145.40 for further gains in the near term. The pair is likely to break 145.40 for a move towards the 146.00 level in the near term.

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  • GBP/JPY Forecast –Pound Faces Monster Resistance Near 140.00 Vs Yen

    GBP/JPY Forecast –Pound Faces Monster Resistance Near 140.00 Vs Yen

    • – The British Pound gained bids recently and moved above 139.00 versus the Japanese yen.
    • – The upside was prevented by a monster bearish trend line with resistance at 140.00-140.10 on the 4-hours chart.
    • – In the UK today, the Manufacturing Purchasing Managers Index (PMI) for March 2017 released by both the Chartered Institute of Purchasing & Supply and the Markit Economics posted a decline from 54.6 to 54.2.

     

    UK Manufacturing PMI

    Today in the UK, the Manufacturing Purchasing Managers Index (PMI) for March 2017 was released by both the Chartered Institute of Purchasing & Supply and the Markit Economics. The market was positioned for a rise from the last reading of 54.6 to 55.1.

     

    However, the outcome was on the lower side, as the UK Manufacturing PMI posted a decline from 54.6 to 54.2. It’s still a good reading, but we cannot ignore the fact that it slipped to a four-month low of 54.2 in March 2017. Commenting on the report, the Senior Economist at IHS Markit, Rob Dobson, stated “The survey data suggest that the goods-producing sector made a solid contribution to GDP during the opening quarter of 2017. However, it’s clear that the expansion will be less than the buoyant 1.3% rise

    seen in the fourth quarter of last year”.

     

    Overall, the result was mixed, and may not help GBP/JPY in gaining pace, which is why the pair might continue to face resistance near 140.00.

     

    GBP/JPY Technical Analysis

    The British Pound had a good run against the Japanese yen, as it moved above the 138.80 and 139.00 resistance levels. The GBP/JPY pair traded towards 140.00 where it found a monster bearish trend line on the 4-hours chart.

     

    GBP/JPY Technical Analysis British Pound Yen

     

    The 140.00 level acted as a strong barrier, and the same trend line stopped upside on many occasions. So, it won’t be easy for the pair to break and move towards 141.00. There is a chance of a dip in the near term. An initial support is around the 38.2% Fib retracement level of the last wave from the 137.51 low to 140.08 high at 139.10.

     

    Above 139.10 lies the 100 simple moving average at 139.30. I think we may see some ranging moves in GBP/JPY with resistance at 140.00, and support at 139.00 until there is a real break.

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  • GBP/JPY Analysis – Pound To Yen May Continue To Struggle

    GBP/JPY Analysis – Pound To Yen May Continue To Struggle

    • – The British Pound declined recently towards 140.00 against the Japanese yen.
    • – The GBP/JPY pair after finding support started a recovery, but faced sellers near 141.20.
    • – In the UK, the Industrial Production released by the National Statistics posted a rise of 2% in Nov 2016, more than the forecast of 0.6%.

     

    UK Industrial and Manufacturing Production

    In the UK today, the Industrial and Manufacturing Production figures were released by the National Statistics. The market was aligned for an increase of 0.6% in the Industrial Production in Nov 2016, compared with the same month a year ago.

     

    However, the result was better than the forecast, as there was a rise of 2% in the UK Industrial Production. Similarly, the UK Manufacturing Production posted a rise of 1.2% in Nov 2016, compared with the same month a year ago, better than the forecast of 0.4%. The report mentioned that the “increase in production was due to an increase in mining and quarrying output following the end of a maintenance period in the oil and gas industry and an increase in manufacturing”.

     

     

    Overall, the result was positive, but seems like the GBP buyers are not impressed, and as a result, the GBP/JPY pair may continue to decline back towards 140.00.

     

    GBP/JPY Technical Analysis

    The British Pound was under a lot of bearish pressure against the Japanese yen recently, as it fell close to the 140.00 handle. The GBP/JPY pair somehow managed to find support near the stated level, and started correcting higher.

     

    GBP/JPY Technical Analysis Pound Yen

     

    The pair moved higher, and broke the 141.00 resistance area. However, it failed to break the 23.6% Fib retracement level of the last decline from the 144.04 high to 140.17 low. There was no H4 close above the stated fib level.

     

    It looks like the pair is struggling during the current recovery wave and may decline back towards 140.00. Even if it manages to move further higher, there are a couple of bearish trend lines on the 4-hours chart, waiting to act as a resistance near 142.00. Overall, the trend is bearish in GBP/JPY, and any major rallies may be seen as selling opportunities.

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