This 30 March GBPJPY Fundamental Analysis explains that the Sterling is struggling to make headway against the Yen, and positive GDP figures for the UK couldn’t bolster the GBP. Furthermore, the Easter weekend sees major exchanges dark as Friday rolls in, and volumes also will be thin.
30 March, GKFX – The GBP/JPY pair is free-floating in the Tokyo markets, cycling around 149.30 after a finding a floor off of the 149.00 handle in Wednesday’s decline from 150.46.
UK GDP couldn’t bolster the GBP
The Sterling suffered a lack of strength in yesterday’s action despite the UK’s GDP figures coming in at analysts’ expectations. The GBP has been climbing against the Yen through March since posting a low at the 145.00 handle, but gains have been halting as the Yen swings about in broader markets, driven by popularity as the market’s safe haven of choice.
Friday is going to be a muted showing, with the UK off for Easter weekend celebrations, but Japan will be seeing year-on-year figures for February’s Housing Starts and Construction Orders at 05:00 GMT.
30 March GBPJPY Fundamental Analysis
The pair has been trending upwards, but the movement has been constrained and the next challenge for Sterling bulls will be to break above the resistance zone forming at Daily tops from the 150.00 major level to 150.50, while support is currently being provided by consecutively higher lows on the H4 charts from 148.90 and 147.75.
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