GBP/JPY consolidating below 182.00 ahead of Japan CPI, UK GDP

The GBP/JPY is stuck in familiar levels after a quiet early half of the trading week.
Japanese CPI inflation and UK GDP growth figures due for the Friday trading sessions.
Bearish correction in the Guppy is struggling to develop meaningful momentum.

Joshua Gibson FXStreet

The GBP/JPY continues to struggle to push decisively in either direction and has been constrained between the 182.00 and 181.00 major levels for the past week despite being down 1.7% for September.

The early trading week saw limited economic data releases for both the Pound Sterling (GBP) and the Japanese Yen (JPY), but the week is set to close out with meaningful data for both sides of the Guppy.

Friday sees the Tokyo Consumer Price Index (CPI) inflation reading for Japan, which last printed at 2.9% for the headline annualized figure in August. September's Core Tokyo CPI last saw 4.0% for the same period, and Yen bidders will be watching closely.

Despite Japanese inflation printing above the Bank of Japan's (BoJ) 2% target, the BoJ is concerned about inflation sinking below target in a projected slowdown for Japanese price growth, and the Japanese central bank will be looking for evidence that inflation is anchoring in longer-term before reversing its negative rate policy regime.

On the UK side, Friday will see Gross Domestic Product figures, which is forecast to hold steady at 0.2%. The UK is facing a broad economic slowdown in the economic data, and a miss in forecasts could see the Pound Sterling sagging even lower on the charts.

GBP/JPY technical outlook

The Guppy lifted from yesterday's lows near 180.90 but the GBP/JPY is getting capped by price action just below 181.70. Hourly candles have remained pinned to the 34-hour Exponential Moving Average (EMA) as momentum bleeds out.

On the daily candlesticks, the GBP/JPY is dragging back into the 100-day Simple Moving Average (SMA) just above 180.00, with the 200-day SMA far below current bid levels near 172.00.

The Guppy's medium-term walkback is seeing limited downside, but the slow-motion downside is seeing technical indicators starting to signal oversold conditions, with the Relative Strength Index (RSI) approaching the lower boundaries on a 14-day rolling basis.

GBP/JPY daily chart

GBP/JPY technical levels

GBP/JPY

Overview
Today last price	181.43
Today Daily Change	0.15
Today Daily Change %	0.08
Today daily open	181.28

Trends
Daily SMA20	183.52
Daily SMA50	183.28
Daily SMA100	180.29
Daily SMA200	171.41

Levels
Previous Daily High	181.87
Previous Daily Low	181.05
Previous Weekly High	183.49
Previous Weekly Low	180.82
Previous Monthly High	186.77
Previous Monthly Low	180.46
Daily Fibonacci 38.2%	181.37
Daily Fibonacci 61.8%	181.56
Daily Pivot Point S1	180.93
Daily Pivot Point S2	180.58
Daily Pivot Point S3	180.11
Daily Pivot Point R1	181.75
Daily Pivot Point R2	182.22
Daily Pivot Point R3	182.57

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.

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