GBP JPY: Pound Yen Rate, Chart, Forecast, News & Analysis

GBP JPY: Pound Yen Rate, Chart, Forecast, News & Analysis

gbp jpy news

Since UK is one of the larger economies in Europe, the GBPJPY pair can be considered as a proxy for worldwide economic health. On the other hand, this pair performs like a representer for market ‘risk-off’ moves as the carry trade gets reversed. As a result, GBPJPY is able to develop strong trends that exceed thousands of pips. The British pound is testing crucial support against the US dollar ahead of UK GDP data due later Wednesday. Gold price attempts to snap a two-day losing streak, edging higher around $1,910 per troy ounce during the Asian session on Thursday after Consumer Price Index (CPI) data from the United States (US). The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

gbp jpy news

Ultimately, it looks like the uptrend is very much intact and I just don’t see how this changes anytime soon. The ¥185 level above is the target, and I think we get there over the next several days, but keep in mind that this area has been very noisy, and until things change, I don’t really see this is a situation that will be easy to make money in. Just make sure that your position size is reasonable https://1investing.in/ enough to be able to handle the undoubtedly noisy and choppy behavior that we have ahead. The Pound Sterling (GBP) stops its decline vs. the Japanese Yen (JPY) as Tuesday’s Asian session begins, following Monday’s session that witnessed a 0.47% loss for the cross-currency pair. The reasons behind the move were good Chinese data and some hawkish comments by the Bank of Japan (BoJ) Governor Kazuo Ueda.

Bitcoin USD

Hong Kong’s morning trading session will be delayed due to the issuance of a Black Rainstorm Warning alert issued by the government. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use.

  • The three-month average, however, ticked up to 0.3% in July from 0.2% previously.
  • Breaking down below that level could open up a bigger move down to the ¥180 level, which I look at as the “floor in the market” currently.
  • The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
  • After hitting what appears to be rock bottom for the altcoin, APE is attempting to recover, with the ecosystem’s token unlocking event likely to deter it.
  • Yes, there are some concerns about the British economy, but at the end of the day the interest rate differential still remains very wide.

Because of this, I like the idea of buying dips and I do think that eventually we will get the breakout to go looking toward the ¥200 level. That obviously is a large, round, psychologically significant figure, and it most certainly will be an area that will attract a lot of attention. While most traders out there will have reservations imagining the British pound being worth ¥200, the reality is that it has been at that level multiple times in the past. The British pound initially pulled back a bit against the Japanese yen during the trading session on Wednesday, but it has turned around as we continue to see a bit of recovery.

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Data are provided ‘as is’ for informational purposes only and are not intended for trading purposes. Yes, there are some concerns about the British economy, but at the end of the day the interest rate differential still remains very wide. GBP/USD remains below major resistance on the 89-month moving average and the demutualisation meaning Ichimoku cloud on the monthly charts, coinciding with a downtrend line from 2014, suggesting the long-term downtrend is yet to reverse. The British Pound (GBP) vs. the Japanese Yen (JPY) is a highly volatile pair. JPY is often used as a funding currency of a trade because it’s historically a low yielding currency.

From December 19th, 2022, this website is no longer intended for residents of the United States. BoE Governor Andrew Bailey last week said interest rates might still rise further due to stick price pressures, but the central bank is “much nearer” to ending its tightening cycle. The key focus now shifts to UK GDP for July – expected 0.4% on-year, down from 0.9% in June. The three-month average, however, ticked up to 0.3% in July from 0.2% previously.

British Pound Ahead of UK GDP: GBP/USD, EUR/GBP, GBP/JPY Setups

After hitting what appears to be rock bottom for the altcoin, APE is attempting to recover, with the ecosystem’s token unlocking event likely to deter it.

On dips, I believe that the 50-Day EMA continues to be a short-term buying opportunity as it should offer plenty of support. Breaking down below that level could open up a bigger move down to the ¥180 level, which I look at as the “floor in the market” currently. If we were to break down below there, that could change a lot, but it would take a lot to make that happen as things stand right now.

British Pound Vs US Dollar, Euro, Japanese Yen – Price Setups:

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet. For the best MarketWatch.com experience, please update to a modern browser. ApeCoin price remains on its bearish streak after a sloppy multi-month fall since early in the year.

Japanese Yen Forecast: USD/JPY, GBP/JPY Establish and Reinforce Resistance – DailyFX

Japanese Yen Forecast: USD/JPY, GBP/JPY Establish and Reinforce Resistance.

Posted: Sat, 26 Aug 2023 07:00:00 GMT [source]