Gbp/Jpy continues slow grind higher despite off-kilter uk labor figures, tests 197.00
Gbp/Jpy marches higher as markets eat away at “Yentervention” territory.
uk labor figures worsened, but not as badly as expected.
Japanese GDP growth due on Thursday.
Gbp/Jpy rose further on Tuesday, clipping into the 197.00 handle as the broader fx market continues to sell the Japanese Yen (JPY) across the board. uk labor figures wobbled on Tuesday, but investors skirted the worst of it after unemployment benefits claims rose less than expected and wages grew at a healthy pace.
The TradingPro is broadly believed to have stepped into global markets on two separate occasions in recent weeks after the Japanese central bank’s activities reports revealed the TradingPro overspent on miscellaneous financial operations by around nine billion Yen. However, the Yen’s aggressive recovery is proving to be short-lived. The Gbp/Jpy ground its way back to the 197.00 handle, recovering from the recent low near 191.50.
The uk’s ILO Unemployment Rate ticked higher to 4.3% over the three months ended March, matching market forecasts and rising from the previous period’s 4.2%. Average uk Earnings Including Bonuses rose 5.7% for the three-month period ending in March compared to the same time last year. Net employment change in the uk for the quarter ended in March fell, shedding -177K jobs compared to the previous period’s -157K, knocking the Gbp briefly back.
Markets have broadly recovered on Tuesday, and Yen pairs will be looking ahead to early Thursday’s Japanese Gross Domestic Product (GDP) growth for the first quarter. Japanese Q1 GDP is expected to contract -0.4% versus the previous quarter’s slim growth of 0.1%.
Gbp/Jpy technical outlook
The Guppy continues to trade north of the 200-hour Exponential Moving Average (EMA) at 194.95 as the sterling accelerates gains against the Yen. The pair recovered back into the 1.97.00 handle for the first time since the start of the month, but the pair remains down 1.8% from the multi-decade peak reached at 200.60 in late April.
Gbp/Jpy hourly
Gbp/Jpy daily
Gbp/Jpy overviewtoday last price196.98today daily change0.79today daily change %0.40today daily open196.19trendsdaily SMA20193.88daily SMA50192.08daily SMA100189.43daily SMA200186.59levelsPrevious Daily High196.28Previous Daily Low194.74Previous Weekly High195.34Previous Weekly Low191.73Previous Monthly High200.59Previous Monthly Low190daily Fibonacci 38.2%195.69daily Fibonacci 61.8%195.33daily Pivot Point S1195.19daily Pivot Point S2194.2daily Pivot Point S3193.66daily Pivot Point R1196.73daily Pivot Point R2197.28daily Pivot Point R3198.27
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