Fundamental Analysis of GBP/JPY for April 27, 2018
April 27, 2018 11:25 am
GBP/JPY has been quite impulsive with the bearish gains below 152.50 price area which is currently residing at the edge of breaking below the support of 150.00. JPY gained impulsive momentum over JPY after having unchanged BOJ Policy Rate at -0.10% today. The BOJ Policy Statement has been quite hawkish with the increase in certain sectors which is expected to play a vital role in the economic development in the coming days. On the other hand, today GBP Prelim GDP report was published with decrease to 0.1% from the previous value of 0.4% which was expected to be at 0.3%, Index of Services also decreased to 0.4% which was expected to be unchanged at 0.6% and Nationwide HPI report was published with an increase as expected to 0.2% from the previous negative value of -0.2%. As of the current scenario, JPY has been quite positive with the economic reports and upcoming economic development plans discussed in the events held today whereas GBP is expected to struggle further in the coming days having worse high impact economic reports published today. To sum up, JPY is expected to have an upper hand over GBP in the coming days.
Now let us look at the technical view. The price is currently residing below the dynamic level of 20 EMA after an impulsive bearish today continuing to push the price much lower today. There are still certain chances of bulls to interfere in the impulsive bearish pressure off the 150.00 support area but as of the current bearish impulsive push lower, the price is expected to break below 150.00 support area and proceed much lower towards 147.00-50 in the coming days. As the price remains below 153.00 price area, the bearish bias is expected to continue.
The material has been provided by InstaForex Company – www.instaforex.com
GBP/JPY has been quite impulsive with the bearish gains below 152.50 price area which is currently residing at the edge of breaking below the support of 150.00. JPY gained impulsive momentum over JPY after having unchanged BOJ Policy Rate at -0.10% today. The BOJ Policy Statement has been quite hawkish with the increase in certain sectors which is expected to play a vital role in the economic development in the coming days. On the other hand, today GBP Prelim GDP report was published with decrease to 0.1% from the previous value of 0.4% which was expected to be at 0.3%, Index of Services also decreased to 0.4% which was expected to be unchanged at 0.6% and Nationwide HPI report was published with an increase as expected to 0.2% from the previous negative value of -0.2%. As of the current scenario, JPY has been quite positive with the economic reports and upcoming economic development plans discussed in the events held today whereas GBP is expected to struggle further in the coming days having worse high impact economic reports published today. To sum up, JPY is expected to have an upper hand over GBP in the coming days.
Now let us look at the technical view. The price is currently residing below the dynamic level of 20 EMA after an impulsive bearish today continuing to push the price much lower today. There are still certain chances of bulls to interfere in the impulsive bearish pressure off the 150.00 support area but as of the current bearish impulsive push lower, the price is expected to break below 150.00 support area and proceed much lower towards 147.00-50 in the coming days. As the price remains below 153.00 price area, the bearish bias is expected to continue.
The material has been provided by InstaForex Company – www.instaforex.com
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