GBP/JPY consolidates near 196.00 after snapping a six-day winning streak


  • GBP/JPY depreciates after the mixed UK employment data released on Tuesday.
  • The ILO Unemployment Rate (3M) rose to 4.3% in March, up from 4.2% in the previous reading.
  • Former BoJ executive Kazuo Momma has suggested that the central bank is likely to postpone its next rate hike until September.

GBP/JPY snaps its six-day winning streak, trading around 195.90 during the European session on Tuesday. The Pound Sterling (GBP) is encountering challenges following the release of mixed UK employment data, which is undermining the GBP/JPY cross.

The ILO Unemployment Rate (3M) climbed to 4.3% in March from 4.2% in the previous reading, aligning with the market consensus of 4.3%. The number of unemployed individuals rose by 46,000 to a total of 1.49 million, driven by those unemployed for up to 6 months. 

Additionally, the number of people claiming jobless benefits increased by 8.9K in April from a decline of 2.4K in March. The UK Employment Change came in at -177K in the three months to March, compared to a previous reading of -156K.

Huw Pill, Chief Economist at the Bank of England (BoE), commented, "We can cut interest rates while maintaining a restrictive policy stance. It's not unreasonable to believe that over the summer, we will have enough confidence to consider rate cuts," as reported by forexlive.com.

On the JPY front, former Bank of Japan’s (BoJ) executive Kazuo Momma suggested that the central bank is expected to delay its next rate hike until September. Momma indicates that policymakers are likely to prefer waiting until at least September to gather more information from the government's monthly wage data for July and August.

Japan’s Finance Minister Shunichi Suzuki has stated that the government is collaborating with the Bank of Japan to ensure alignment in policy objectives regarding foreign exchange. He further noted that they are implementing all feasible measures to closely monitor movements in the Japanese Yen.

GBP/JPY

Overview
Today last price 195.92
Today Daily Change -0.27
Today Daily Change % -0.14
Today daily open 196.19
 
Trends
Daily SMA20 193.88
Daily SMA50 192.08
Daily SMA100 189.43
Daily SMA200 186.59
 
Levels
Previous Daily High 196.28
Previous Daily Low 194.74
Previous Weekly High 195.34
Previous Weekly Low 191.73
Previous Monthly High 200.59
Previous Monthly Low 190
Daily Fibonacci 38.2% 195.69
Daily Fibonacci 61.8% 195.33
Daily Pivot Point S1 195.19
Daily Pivot Point S2 194.2
Daily Pivot Point S3 193.66
Daily Pivot Point R1 196.73
Daily Pivot Point R2 197.28
Daily Pivot Point R3 198.27

 

 

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