The Sterling is climbing against the Yen in early trading this week, testing into the 148.20 area in the early Tokyo session. Read on to see the current support and resistance levels on the 12 March GBPJPY Technical Analysis.
12 March, GKFX – The GBP/JPY looks set to continue climbing following a correction from a six-month low of 144.98. February saw the pair decline steadily from 156.60.
Monday Macro Calendar
Little data is on the macro calendar for Monday, but Tuesday will be seeing the UK’s Budget Report at 11:30 GMT, as well as the Bank of Japan’s (BoJ) Monetary Policy Meeting Minutes at 23:50 alongside Machine Orders data for January. The UK Budget Report delivered by the Treasury Chancellor will be giving the UK’s GDP growth highlights and government spending/borrowing expectations.
BoE Outlook on Growth
Despite Brexit concerns continuing to cast a shadow over the UK, the Bank of England’s (BoE) sunny outlook on growth coupled with expectations of a rate increase as soon as May is providing the Sterling some lift.
Meanwhile, the Yen has been seen releasing some of its death grip on markets following the BoJ’s reaffirmation of their dedication to easy monetary policy last week, and the JPY is backing down softly as major bloc currencies push back.
12 March GBPJPY Technical Analysis
The pair started pushing upwards aggressively last week, and Friday’s gains on NFP-fueled market confidence sees the pair currently testing to the bullish side of the 200-day SMA, but the H4 candles show weakness in the GBP/JPY’s revival, with consecutively lower highs keeping bullish potential capped.
Current support levels are coming from Friday’s swing lows of 147.70 and 147.05, with resistance at Friday’s high of 148.55 and January’s low point at 150.15.
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