(function() { var didInit = false; function initMunchkin() { if(didInit === false) { didInit = true; Munchkin.init('105-GAR-921'); } } var s = document.createElement('script'); s.type = 'text/javascript'; s.defer = true; s.src = '//munchkin.marketo.net/munchkin.js'; s.onreadystatechange = function() { if (this.readyState == 'complete' || this.readyState == 'loaded') { initMunchkin(); } }; s.onload = initMunchkin; document.getElementsByTagName('head')[0].appendChild(s); })();

GBP/JPY – British Pound Made Top at 147.80 Vs Japanese Yen?

Article background

Aayush Jindal

Key Highlights

  • The British Pound after a solid uptrend found resistance just below 148.00 against the Japanese yen.
  • The GBP/JPY pair has likely made a short-term top at 147.80 since it broke major support at 146.85 on the 4-hours chart.
  • Today in the UK, the RICS Housing Price Balance for June 2017 released by the Royal Institution of Chartered Surveyors posted an increase of 7%.
  • Today in the US, the US Producer Price Index for June 2017 will be released, which is expected to increase by 1.9% (YoY).

GBPJPY Technical Analysis

The British Pound started a major uptrend in June 2017 from the 139.00 handle against the Japanese yen. Now, it seems like the GBP/JPY pair is completing a wave with top near 147.80.GBPJPY Technical Analysis British Pound Japanese YenAfter trading as high as 147.77, the pair faced heavy offers and started moving lower. It declined below two important bullish trend lines at 146.85 on the 4-hours chart.It also succeeded in clearing the 38.2% Fibonacci retracement level of the last wave from the 143.26 low to 147.77 high. At the moment, it is finding bids near the 50% Fib level of the same wave at 145.50.So, it may correct a few pips higher in the near term, but likely to face sellers near 146.40 or 147.00. On the downside, the next major support is at 144.30 and the 100 simple moving average (H4).

UK’s RICS Housing Price Balance

Today in the UK, the RICS Housing Price Balance for June 2017 was released by the Royal Institution of Chartered Surveyors. The market was positioned for an increase of 15% compared with the last +17%.UK’s RICS Housing Price BalanceThe actual result lower than the forecast, as there was a rise of 7% in the price balance. The report highlighted the following:
Price growth loses momentum most notably in the south of the country. Activity indicators point to flat sales trend continuing over the coming months. Average inventory levels hit a new low highlighting ongoing supply shortage.

Economic Releases to Watch Today

  • German Consumer Price Index for June 2017 (YoY) – Forecast +1.6%, versus +1.6% previous.
  • German Consumer Price Index for June 2017 (MoM) – Forecast +0.2%, versus +0.2% previous.
  • France Consumer Price Index for June 2017 (YoY) - Forecast +0.8%, versus +0.8% previous.
  • US Initial Jobless Claims - Forecast 245K, versus 248K previous.
  • US Producer Price Index June 2017 (MoM) – Forecast 0%, versus 0% previous.
  • US Producer Price Index June 2017 (YoY) – Forecast 1.9%, versus +2.4% previous.
Great
Trustpilot
Open an AccountOpen Share Account24/7 Support
Loading