GBPJPY is lacking direction as UK CPI data is on the docket for today. Read on and stay informed on the latest 13 February GBPJPY Technical Forecast.
13 February, GKFX – GBP/JPY is stepping lightly in Asia markets, fidgeting around 150.42 following a flat Monday.
The pair has had a rough go of things lately, closing lower or flat for six of the last seven trading days. With the threat of interest rate increases looming on the horizon, traders have been flighty and prone to fits of risk aversion, dumping equities and risk assets in order to pile into safe havens.
With the UK showing steady upticks in economic growth and the Bank of England (BoE) preparing to begin tightening their monetary policy, the era of easy money for global markets is set to end, leaving risk appetite in a precarious position.
UK CPI data due today
The UK will be dropping their CPI data today at 09:30 GMT; a slight contraction in price growth is anticipated by market forecasts, with analysts calling for a 2.9% reading compared to the previous 3.0%.
Adding to the pair’s woes is the Yen’s relentless strength recently; as the Yen continues to be the market’s safe haven of choice, despite relentless soothing from figures at the Bank of Japan, reminding markets that the BoJ is not inclined to begin raising rates anytime soon in an attempt to keep the Yen weighted down while Japan’s economy struggles to continue adding to its inflation numbers.
13 February GBPJPY Technical Forecast
With built-in volatility always high for this pair, swing points are plentiful and varied, with resistance stacking at 151.05, followed by 152.15 and 152.70 right behind. Short action is currently being contested by support from 150.35 and 149.50; a further breakdown from this region could see the pair into the 147.50 region in short order.
This article 13 February GBPJPY Technical Forecast was written by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.
If such information is acted upon by you then this should be solely at your discretion and GKFX will not be held accountable in any way.