GBP/JPY continues march higher as Yen continues to deflate, tests above 200.00
27.05.2024, 18:00

GBP/JPY continues march higher as Yen continues to deflate, tests above 200.00

  • GBP/JPY rose back above 200.00 as Yen weakness remains.
  • BoJ statements bought little reprieve from broad-market Yen selling.
  • Japanese Tokyo CPI inflation due later this week.

GBP/JPY rose again on Monday, climbing back above the key 200.00 handle as broad-market Yen selling continues to batter the JPY. Bank of Japan (BoJ) policymakers, including BoJ Governor Kazuo Ueda and BoJ Deputy Governor Shinichi Uchida, found very little traction in markets, and a reprieve in Yen short pressure was brief in early Monday trading.

The UK economic calendar is quiet this week, with strictly low-tier figures on the offering. Yen traders will pivot in the late-week to focus on Japanese Tokyo Consumer Price Index (CPI) inflation figures. YoY headline Tokyo CPI inflation last printed at 1.8% in April, with Core Tokyo CPI inflation coming in at 1.6%. Median market forecasts currently expect May’s Core Tokyo CPI inflation to bounce to 1.9%. Tokyo CPI inflation will print early Friday.

GBP/JPY technical outlook

The Guppy continues to march up the charts and the pair is threatening to break into fresh multi-decade highs above 200.60, a level reached in late April. The pair fell to a near-term low below 192.00 after a set of suspected “Yenterventions”, but broad-market Yen weakness continues unabated. GBP/JPY has gained ground in all but three of the last 15 consecutive trading days.

GBP/JPY hourly chart

GBP/JPY daily chart

GBP/JPY

Overview
Today last price 200.32
Today Daily Change 0.35
Today Daily Change % 0.18
Today daily open 199.97
 
Trends
Daily SMA20 196.14
Daily SMA50 193.66
Daily SMA100 190.97
Daily SMA200 187.21
 
Levels
Previous Daily High 200.07
Previous Daily Low 199.04
Previous Weekly High 200.07
Previous Weekly Low 197.39
Previous Monthly High 200.59
Previous Monthly Low 190
Daily Fibonacci 38.2% 199.68
Daily Fibonacci 61.8% 199.44
Daily Pivot Point S1 199.32
Daily Pivot Point S2 198.67
Daily Pivot Point S3 198.3
Daily Pivot Point R1 200.34
Daily Pivot Point R2 200.72
Daily Pivot Point R3 201.36

 

 

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