The GBPJPY currency pair is currently trading around 181.655, approaching the 181.50 level, which marks a low for the week.
…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for FREE REGISTER to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level1)]
- GBP/JPY trading into the 181.50 handle, on the low side for the week.
The pair currently trades last at 181.655.
The previous day high was 183.13 while the previous day low was 180.82. The daily 38.2% Fib levels comes at 181.71, expected to provide resistance. Similarly, the daily 61.8% fib level is at 182.25, expected to provide resistance.
The GBP/JPY is ticking into the south side of the 181.50 handle after the Pound Sterling (GBP) failed to recover any meaningful ground from Thursday’s backslide. The Guppy is down almost a full percentage point this week.
The Bank of England (BoE) struck a notably dovish tone this Thursday, standing pat on its benchmark interest rate after inflation data for the UK came in much softer than expected earlier this week. The BoE is holding its reference rate at 5.25% for the time being, and it’s increasingly looking like a ‘none and done’ scenario for the UK’s rate hike cycle.
The Bank of Japan (BoJ) also held its main policy rate, maintaining a negative rate regime at -0.1%. The BoJ is keeping steady on its hyper-easy monetary policy mechanisms, and the BoJ is determined to try and keep Japanese inflation up above the 2% mark.
Japanese inflation is currently riding on the high end of policymakers’ target level, but Japanese inflation is broadly expected to plummet in the coming months, and the BoJ is not in a rush to start reversing their negative rate policy until the central bank is assured that inflation will remain above their minimum target.
Read more:
BoE holds interest rate steady at 5.25% in split vote
BoJ’s Ueda: Could consider policy change when achievement of 2% inflation is in sight
The economic calendar for the upcoming week is looking sparsely-populated through the first half of the week, and the only notable release on the data docket will be the BoJ’s meeting minutes on Tuesday, which will reveal the Japanese central bank’s inner monologue on the interest rate decision that just passed.
The GBP/JPY failed to hold onto rebound gains, etching in a high of 182.30 on Friday before settling lower, looking to establish a break of 181.50 to close out the week’s trading session.
The pair remains firmly bearish below the 200-hour Simple Moving Average (SMA) which is currently pricing in resistance from 183.00.
Daily candlesticks see the Guppy waffling towards the 100-day SMA near the 180.00 major handle, and the pair is down almost 3% from August’s peak near 186.70.
Investors will be keeping an eye out for a sustained bearish push into the 100-day SMA, where a recovery rally could see a rebound back into the 34-day Exponential Moving Average that is currently capping off upside potential and sitting just north of near-term highs near 183.30.
Technical Levels: Supports and Resistances
GBPJPY currently trading at 181.5 at the time of writing. Pair opened at 181.48 and is trading with a change of 0.01 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 181.50 |
| 1 | Today Daily Change | 0.02 |
| 2 | Today Daily Change % | 0.01 |
| 3 | Today daily open | 181.48 |
The pair is trading below its 20 Daily moving average @ 183.95, below its 50 Daily moving average @ 183.27 , above its 100 Daily moving average @ 179.96 and above its 200 Daily moving average @ 171.15
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 183.95 |
| 1 | Daily SMA50 | 183.27 |
| 2 | Daily SMA100 | 179.96 |
| 3 | Daily SMA200 | 171.15 |
The previous day high was 183.13 while the previous day low was 180.82. The daily 38.2% Fib levels comes at 181.71, expected to provide resistance. Similarly, the daily 61.8% fib level is at 182.25, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 180.49, 179.5, 178.18
- Pivot resistance is noted at 182.8, 184.12, 185.11
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 183.13 |
| Previous Daily Low | 180.82 |
| Previous Weekly High | 184.39 |
| Previous Weekly Low | 182.52 |
| Previous Monthly High | 186.77 |
| Previous Monthly Low | 180.46 |
| Daily Fibonacci 38.2% | 181.71 |
| Daily Fibonacci 61.8% | 182.25 |
| Daily Pivot Point S1 | 180.49 |
| Daily Pivot Point S2 | 179.50 |
| Daily Pivot Point S3 | 178.18 |
| Daily Pivot Point R1 | 182.80 |
| Daily Pivot Point R2 | 184.12 |
| Daily Pivot Point R3 | 185.11 |
[/s2If]
Download Nehcap EAWe have two EAs that are operational on our LIVE accounts.
- EA-FIX: Check out the details here. Download EA-FIX . EA-FIX is a non-grid HFT scalper.
- EA-GROWTH: High quality low dd EA using trend grids. Download EA_GROWTHJoin Our Telegram Group
