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.

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