The GBPJPY currency pair is currently sitting at 182.682, and there is a neutral trading sentiment around the 182.60 level. Investors are still in the process of combining their profits, resulting in this consolidation phase.
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- The GBP/JPY trades neutral at the 182.60 area as investors continue to consolidate gains.
The pair currently trades last at 182.682.
The previous day high was 183.72 while the previous day low was 182.15. The daily 38.2% Fib levels comes at 182.75, expected to provide resistance. Similarly, the daily 61.8% fib level is at 183.12, expected to provide resistance.
The GBP/JPY pair is trading in a neutral stance around the 182.60 area as investors take a breather and assess their gains. The Japanese Yen has gained traction following encouraging Retail Sales figures from May, while the recovery of British yields has limited the downside for the GBP. The market focus now shifts to the upcoming release of inflation and labour market data from Japan on Friday, which could influence the Bank of Japan’s (BoJ) stance on monetary policy.
Retail Sales in Japan grew in May, surpassing expectations by 1.3%. This positive momentum followed a revised figure of 1.1% in April, initially reported as a decline of -1.2%. Furthermore, the year-on-year retail sales surged by 5.7%, exceeding the projected growth of 5.2% and reflecting an upward revision from the previously revised 5.1% in April. Its worth noticing, that during the European Central Bank’s forum, Kazuo Ueda, the Governor of the BoJ, adopted a cautious stance, emphasising that the underlying inflation still falls short of the bank’s target. Ueda expressed the BoJ’s intention to carefully evaluate policy adjustments only when inflationary pressures align with their forecasts.
Given the potential impact of robust economic data on inflationary pressures, market participants will be closely monitoring the upcoming release of the Tokyo Consumer Price Index (CPI) for June and the May unemployment rate. As for now, expectations point to a rise in Tokyo’s CPI to 3.8% year-on-year, with the core figure projected to reach 4.4% and unemployment to remain steady at 3.6%.
In the meantime, British bond yields recovered and limit Sterling’s losses. The 2,5, and 10-year yields, rose by more than 2% to 5.24%,4.64% and 4.39%, and as higher bond yields attract foreign investors, the GBP may find additional demand.
According to the daily chart, despite buyers taking a breather, the bullish outlook for the cross is still intact. However, the Relative Strength Index (RSI) is still in overbought territory, suggesting that additional downward movements shouldn’t be removed.
Support levels to watch: 181.80,181.00, 180.00
Resistances levels to watch: 183.00,183.50,184.00
Technical Levels: Supports and Resistances
GBPJPY currently trading at 182.6 at the time of writing. Pair opened at 182.57 and is trading with a change of 0.02 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 182.60 |
| 1 | Today Daily Change | 0.03 |
| 2 | Today Daily Change % | 0.02 |
| 3 | Today daily open | 182.57 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 178.33, 50 SMA 173.55, 100 SMA @ 168.25 and 200 SMA @ 165.83.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 178.33 |
| 1 | Daily SMA50 | 173.55 |
| 2 | Daily SMA100 | 168.25 |
| 3 | Daily SMA200 | 165.83 |
The previous day high was 183.72 while the previous day low was 182.15. The daily 38.2% Fib levels comes at 182.75, expected to provide resistance. Similarly, the daily 61.8% fib level is at 183.12, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 181.91, 181.24, 180.33
- Pivot resistance is noted at 183.48, 184.39, 185.06
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 183.72 |
| Previous Daily Low | 182.15 |
| Previous Weekly High | 182.95 |
| Previous Weekly Low | 179.92 |
| Previous Monthly High | 174.28 |
| Previous Monthly Low | 167.84 |
| Daily Fibonacci 38.2% | 182.75 |
| Daily Fibonacci 61.8% | 183.12 |
| Daily Pivot Point S1 | 181.91 |
| Daily Pivot Point S2 | 181.24 |
| Daily Pivot Point S3 | 180.33 |
| Daily Pivot Point R1 | 183.48 |
| Daily Pivot Point R2 | 184.39 |
| Daily Pivot Point R3 | 185.06 |
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