GBPJPY – British Pound Remains In A Downtrend Versus Japanese Yen

July 29, 2016

This article is originally referred from TitanFX Forex News

After the National Consumer Price Index and the CPI excluding fresh food released by the Japanese Statistics Bureau, JPY has gained strength against multiple currencies. The trend has especially seen on GBP/JPY.

And Gross Domestic Product Annualized reading will be published by the US Bureau of Economic Analysis soon .

Check out the current trend of JPY and today’s Important News Releases here.


KEY HIGHLIGHTS

  • The British Pound recently traded higher against the Japanese yen, but failed to break the 139.00-50 resistance area.
  • There is a monster bearish trend line on the hourly chart of the GBPJPY pair, protecting the upside move.
  • The Japanese National Consumer Price Index report was released by the Statistics Bureau earlier today.
  • The CPI Ex Fresh Food registered a decline of 0.5% in June 2016, compared with the forecast of -0.4%.

GBPJPY TECHNICAL ANALYSIS

The British Pound climbed higher recently against the Japanese yen, but faced a major hurdle on the upside. It looks like the GBPJPY pair may struggle to gain further traction in the short term.

GBPJPY – British Pound Remains In A Downtrend Versus Japanese Yen

There is a crucial bearish trend line formed on the hourly chart, which is acting as a resistance along with the 200 and 100 simple moving average.

The GBPJPY pair is already moving down and traded below the 137.50 support area. It looks like the pair may decline further in the short term.

JAPANESE NATIONAL CONSUMER PRICE INDEX

Today during the Asian session, the National Consumer Price Index and the CPI excluding fresh food, which a measure of price movements obtained by comparison of the retail prices of a representative shopping basket of goods and services was released by the Statistics Bureau.

The forecast was lined up for a decline in the CPI excluding fresh food in June 2016 by 0.4%, compared with the same month a year ago. The result was disappointing, as there was a fall of 0.5%.

Moreover, the Industrial Production, which measures outputs of the Japanese factories and mines was released by the Ministry of Economy, Trade and Industry. The forecast was slated for a rise of 0.7% in production (preliminary reading) in June 2016, compared with the previous month. The result was above the forecast, as there was a rise of 1.9%.

The Japanese yen was seen gaining traction after the release versus the British Pound.

US GDP

Today in the US, there is a major release scheduled as the Gross Domestic Product Annualized reading will be published by the US Bureau of Economic Analysis. The forecast is slated for a rise of 2.6% in the monetary value of all the goods, services and structures produced in the second quarter of 2016 (preliminary reading).

If the result is above the forecast, then there is a chance of the US Dollar gaining traction later today.

Original Source: TitanFX Forex News

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