GBPJPY Technical Analysis


GBPJPY slips lower in the overnight session but the 15 February GBPJPY Technical Analysis shows that the pair is now climbing back heading into Tokyo. What region does the pair trades currently? 

15 February, GKFX – GBP/JPY is looking for a foothold heading into Tokyo markets, currently trading back into the 149.50 region following a slip to 149.12 on a Japanese Machine Orders miss. The pair ended yesterday flat after a volatile Wednesday, sinking on disappointing UK inflation data, and spiking following upbeat US inflation data. The pair looks set to resume the downward trend from the past two weeks.

UK Inflation Data Impact

The miss for UK inflation data sent GBP/JPY low enough that any gains from the upbeat US numbers were balanced out, resulting in a flat trading day, and the pair is now declining heading into Tokyo following disappointing numbers from Japan, with Machine Orders year-on-year coming in at a disappointing -5.0%, much lower than the forecast of 2.2%, while month-over-month numbers declined by 11.9%, compared with the forecast 2.3% decline.

The UK still has retail sales figures due Friday at 09:30 GMT, but market direction will largely be determined by risk sentiment following the US inflation beat.

15 February GBPJPY Technical Analysis

Support and resistance for the pair are currently sitting at yesterday’s high/low, 147.95 and 150.02 respectively, while long-term resistance rests above at 150.32, and a break below 147.95 will see GBP/JPY trading at eleven-week lows and directly into the 200-day SMA.

Disclaimer

This article 15 February GBPJPY Technical Analysis 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.

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