The GBPJPY pair, currently at a level of 185.593, has decreased in value and is now trading around 185.60. This drop can be attributed to the positive retail data from Japan.
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- GBP/JPY trades lower around 185.60 on the back of upbeat Japan’s retail data.
The pair currently trades last at 185.593.
The previous day high was 186.07 while the previous day low was 184.34. The daily 38.2% Fib levels comes at 185.41, expected to provide support. Similarly, the daily 61.8% fib level is at 185.0, expected to provide support.
GBP/JPY retreats from the previous gains, currently trading lower around 185.60 during the Asian session on Thursday. The pair is facing downward pressure due to the upbeat Japan’s economic data. As said, Large Retailer Sales for July improved to 6.0% from the previous 4.1% figure. While Retail Trade (YoY) for the said month, rose to 6.8%, against the market consensus of 5.4% swinging from the 5.6% prior.
However, the GBP/JPY pair enjoyed upward strength during the week due to the support for the hawkish stance by the Bank of England (BoE) Deputy Governor Ben Broadbent. Broadbent emphasized the need for higher rates due to the wage pressure at the Jackson Hole Symposium.
On the other hand, the Bank of Japan (BoJ) is expected to maintain its ultra-loose monetary policy settings. This stance could potentially deter sellers from making aggressive bets around the pair. Additionally, BoJ Governor Kazuo Ueda stated last week that the underlying inflation in Japan is slightly below the 2% target. This suggests that the central bank might maintain the dovish approach until the next summer.
The decline in US Treasury yields persists, leading to a weakening of the US Dollar (USD). Consequently, this trend is bolstering the Japanese Yen (JPY), which could contribute to putting pressure on the GBP/JPY pair. The yield on a 10-year US bond reached a low point of 4.08% during the previous session, and it is currently trading at 4.11%.
Technical Levels: Supports and Resistances
GBPJPY currently trading at 185.6 at the time of writing. Pair opened at 186.04 and is trading with a change of -0.24 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 185.60 |
| 1 | Today Daily Change | -0.44 |
| 2 | Today Daily Change % | -0.24 |
| 3 | Today daily open | 186.04 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 184.19, 50 SMA 182.9, 100 SMA @ 177.42 and 200 SMA @ 169.81.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 184.19 |
| 1 | Daily SMA50 | 182.90 |
| 2 | Daily SMA100 | 177.42 |
| 3 | Daily SMA200 | 169.81 |
The previous day high was 186.07 while the previous day low was 184.34. The daily 38.2% Fib levels comes at 185.41, expected to provide support. Similarly, the daily 61.8% fib level is at 185.0, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 184.9, 183.75, 183.17
- Pivot resistance is noted at 186.63, 187.21, 188.36
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 186.07 |
| Previous Daily Low | 184.34 |
| Previous Weekly High | 186.77 |
| Previous Weekly Low | 183.36 |
| Previous Monthly High | 184.02 |
| Previous Monthly Low | 176.32 |
| Daily Fibonacci 38.2% | 185.41 |
| Daily Fibonacci 61.8% | 185.00 |
| Daily Pivot Point S1 | 184.90 |
| Daily Pivot Point S2 | 183.75 |
| Daily Pivot Point S3 | 183.17 |
| Daily Pivot Point R1 | 186.63 |
| Daily Pivot Point R2 | 187.21 |
| Daily Pivot Point R3 | 188.36 |
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