GJ| Rallies on Pound's Strength, TA Points Bearish
Hello there
Fundamentals:
The GBP/JPY currency pair rose to the 197.00 handle, as the Japanese Yen continued to weaken across the board. The UK's labor market figures showed a mixed picture, with unemployment benefits claims rising less than expected and wages growing at a healthy pace. The Bank of Japan's activities reports revealed that the BoJ had intervened in global markets on two occasions, but this didn't stop the Yen's decline. The GBP/JPY pair recovered from its recent low near 191.50, driven by the pound's strength against the yen. The UK's unemployment rate ticked up to 4.3%, but average earnings rose 5.7% and the net employment change fell by 20,000 jobs. Markets are looking ahead to Japan's GDP growth for the first quarter, which is expected to contract -0.4% after a slim growth of 0.1% in the previous quarter.
TA
Price traces below RSI 50 and RSI SMA needs to break below the 63.43 level.
On the price chart, that level is 196.544. A bearish candle needs to close below this level to confirm a bias towards 194.172, with immediate support at 195.617 Fib.
-So we have conflicting views. Monitoring required.
Happy Trading,
K.
Fundamentals:
The GBP/JPY currency pair rose to the 197.00 handle, as the Japanese Yen continued to weaken across the board. The UK's labor market figures showed a mixed picture, with unemployment benefits claims rising less than expected and wages growing at a healthy pace. The Bank of Japan's activities reports revealed that the BoJ had intervened in global markets on two occasions, but this didn't stop the Yen's decline. The GBP/JPY pair recovered from its recent low near 191.50, driven by the pound's strength against the yen. The UK's unemployment rate ticked up to 4.3%, but average earnings rose 5.7% and the net employment change fell by 20,000 jobs. Markets are looking ahead to Japan's GDP growth for the first quarter, which is expected to contract -0.4% after a slim growth of 0.1% in the previous quarter.
TA
Price traces below RSI 50 and RSI SMA needs to break below the 63.43 level.
On the price chart, that level is 196.544. A bearish candle needs to close below this level to confirm a bias towards 194.172, with immediate support at 195.617 Fib.
-So we have conflicting views. Monitoring required.
Happy Trading,
K.