The GBP/JPY is declining in early Asia trading after jumping higher in Wednesday’s trading and is now pushing back towards the 150.00 handle. In the meantime, what should we expect from the data due to be released today? Gain insight on this 29 March GBPJPY Fundamental Outlook.
29 March, GKFX – Thursday sees a healthy data dump from the UK at 08:30, and the notable figures will be the UK’s 2017 4th quarter GDP, forecast at 0.4 percent, matching the previous period, while UK Mortgage Approvals for February are anticipated at 66 million, a slight decline from the previous period’s 67.478 million.
Japanese leading CPI due today ahead of Easter weekend
Ahead of the Tokyo open today, the Yen saw Large Retailer’s Sales increase by 0.6 percent, a clear beat of the half-percent decline that was priced in, but the macro figures balanced when regular Retail Trade printed at 1.6 percent versus the forecast 1.7 percent.
Japan will see the Tokyo CPI at 23:30 GMT late Thursday, and the CPI Core is forecast at 0.9 percent, in line with the previous reading. Tokyo CPI is used as a bellwether for the national inflation figures to come later.
29 March GBPJPY Fundamental Outlook
With the Sterling dropping against the Yen in the Tokyo session, resistance is priced in at yesterday’s high of 150.60, with further resistance at February’s swing high into the 151.00 major psychological level. Support is sitting in this week’s swing low at 148.90 and the week’s low point of 147.85.
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