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Market View

GBPJPY has almost reached the downside target!

Tuesday, January 30, 2018 8:38 AM GMT

GBPJPY slumped to fresh lows as the pressure remained on the downside during Asia’s and London’s session. The Unemployment Rate in Japan was more than expected (Previous: 2.7%, Forecast: 2.7%, Actual: 2.8%) as well as the Large Retailer's Sales (Previous: 1.4%, Forecast: -0.6%, Actual: 1.1%). On the other hand, Overall Household Spending was less than estimated (Previous: 1.7%, Forecast: 1.7%, Actual: -0.1%).

Now, we are expecting UK news that can move the pair like Mortgage Approvals (Previous: 65.139K, Forecast: 63.500K), Consumer Credit (Previous: £1.4B, Forecast: £1.3B) while later, the market anticipates for BOE's Governor Carney speech.

Regarding the trading view of GBPJPY, in the daily TF, Stochastics (8.3) is heading to be oversold while the price is close to a major resistance. Heading to the hourly TF, the pair has almost reached the downside target of the bearish flag and the rising wedge that we showed yesterday. The mid-term downtrend remains intact and setbacks could be selling opportunities. Any move above 154 will negate the negative outlook.



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