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British Pound/Japanese Yen (GBP/JPY) Exchange Rate
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Start the new trading week of September 23, 2019 prepared with our Forex forecast for major currency pairs here!
Following a series of Brexit defeats for the Johnson government in the UK, markets started to price out a no deal Brexit which resulted in a sharp rally in the British Pound off of multi-years lows.
The British pound has broken down rather significantly late in the month of August, as we continue to see a lot of negativity around Sterling in general.
The British pound against the Japanese yen pair is a barometer for risk appetite more than anything else under normal circumstances.
Earlier in Thursday trading, the GBP / JPY pair tried to correct as high as 138.71, but the bounce remains weak and the bearish momentum remains the strongest.
The foggy Brexit future along with further Japanese Yen gains, continues to negatively impact the GBP JPY, which fell to the support level at 138.03 at the time of writing, the lowest for more than four months.
For four straight trading sessions, the GBP/JPY is moving down to the 142.21 support level at the time of writing the analysis, the lowest level for this pair for almost 3 months.
Britain's economic growth slowed down, while the manufacturing sector rebounded.
The British pound has gone back and forth during the course of the month for March, as the ¥144 level has offered a major support, while the 148 level has caused a significant amount of resistance.
Brexit talk has come back to the forefront of traders minds in recent weeks as UK politicians return from their summer recess and the pressure to reach an agreement with the EU for a new trade deal ramps up even further.
The British pound has been the center of the Forex world’s attention for some time now.
Check out the Forex forecast for the week of June 25, 2018 and find out which pairs are crucial to pay attention to.
The British pound has been rallying over the last couple of months, but over the last couple of weeks has started to see a bit of selling pressure.
Get the Weekly Forex Forecast for major pairs for the week of April 22, 2018.
Get the Weekly Forex Forecast for major pairs for the week of March 26, 2018.
Get the Weekly Forex Forecast for major pairs for the week of January 15, 2018.
The Pound Sterling inched higher after the Markit release for PMI Services was released earlier today; the survey for December showed sectoral growth
The GBP/JPY didn’t enjoy the gains it made reaching towards resistance level at 152.82, the highest level for this pair in 3 months, and went quickly down towards 151.93
Despite recent gains of the GBP/JPY, reaching towards 152.82, the highest in one month, the bullish bounce still needs stimulates to confirm the strength of the bullish trend
For the third day in a row, the GBP/JPY fails in settling on top of the resistance at 152, and it seems clear on the GBP/JPY chart that the pair is moving in tight ranges