Fundamental Analysis of GBP/JPY for March 23, 2018
March 23, 2018 4:21 pm
GBP/JPY has been quite impulsive amid the bearish pressure recently despite positive economic reports from the UK. Recently, the Bank of England published an official bank rate report with an unchanged value of 0.50% and Retail Sales report showed an increase to 0.8% from the previous value of -0.2% which was expected to be at 0.4%. Additionally, Asset Purchase Facility report was published with an unchanged figure as expected at 435B. On the other hand, JPY has been quite solid in light of recent economic reports. Today Japan’s National Core CPI report was released as expected at 1.0%, increasing from the previous value of 0.9%. The positive economic report helped JPY to gain further momentum over GBP amid the recent impulsive bearish pressure. As for the current scenario, a further direction in this pair is still quite uncertain. However, according to the latest market analysis, JPY is expected to gain further momentum over GBP in the coming days.
Now let us look at the technical view. The price is currently residing at the edge of 147.00-50 support area. If the price breaks below 147.00 with a daily close, then further bearish pressure is expected with a target towards 145.00 in the coming days. As the price remains below 150 price area, the bearish bias is expected to continue further.
The material has been provided by InstaForex Company – www.instaforex.com
GBP/JPY has been quite impulsive amid the bearish pressure recently despite positive economic reports from the UK. Recently, the Bank of England published an official bank rate report with an unchanged value of 0.50% and Retail Sales report showed an increase to 0.8% from the previous value of -0.2% which was expected to be at 0.4%. Additionally, Asset Purchase Facility report was published with an unchanged figure as expected at 435B. On the other hand, JPY has been quite solid in light of recent economic reports. Today Japan’s National Core CPI report was released as expected at 1.0%, increasing from the previous value of 0.9%. The positive economic report helped JPY to gain further momentum over GBP amid the recent impulsive bearish pressure. As for the current scenario, a further direction in this pair is still quite uncertain. However, according to the latest market analysis, JPY is expected to gain further momentum over GBP in the coming days.
Now let us look at the technical view. The price is currently residing at the edge of 147.00-50 support area. If the price breaks below 147.00 with a daily close, then further bearish pressure is expected with a target towards 145.00 in the coming days. As the price remains below 150 price area, the bearish bias is expected to continue further.
The material has been provided by InstaForex Company – www.instaforex.com
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