GBP/JPY chugging along near 147.50 as UK RICS figures fail to inspire any movement
- Sterling sees positive RICS info but is still stepping back against the safe-haven Yen.
- Next focus will be the UK Retail Sales figures due later.
The GBP/JPY is trading on the low side in the early Asia session, testing down into 147.40.
The RICS Housing Price Balance for May came in at -3%, a contractionary reading but still better than the forecast -5%, and a clear beat of the previous reading of -8%. On the Yen side, net cash outflows from purchasing foreign bonds and stocks continue to close the recent gap, with Foreign Investment in Bonds coming in at ¥-488.5 billion (last ¥-1.664 trillion) while Foreign Investment in Japanese Stocks came in at ¥-108.5 billion (last ¥-527.8 billion).
Up next for the pair will be UK Retail Sales in the upcoming European Thursday market session, slated for 08:30 GMT. Year-on-year Retail Sales for May (excluding fuel) is expected to tick upwards to 2.5% from the previous reading of 1.5%.
GBP/JPY levels to watch
On H4 candles, the pair has been steadily rising from a technical bottom in the last week of May (143.20), though resistance is piling in at the last high near the 148.00 major psychological level, a high swing low has been priced in from the 146.00 level, and bulls will be looking to push the pair back into mid-May's peak at the 150.00 major handle.
Author
Joshua Gibson
FXStreet
Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.
