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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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