GBP/JPY retreats from 181.70 as UK’s labor market report misses estimates

GBP/JPY has fallen back as the UK labor market report has failed to match expectations.
Three-month Unemployment Rate has jumped to 4.0% while June’s Claimant Count Change is added with fresh 25.7K claims.
Jeremy Hunt cited that the administration and the central bank will do whatever is necessary to tame price pressures.

Sagar Dua FXStreet

The GBP/JPY pair has sensed selling pressure while attempting to hit the immediate resistance of 182.00 in the early London session. The cross has faced a sell-off as the United Kingdom labor market data has missed expectations.

Three-month Unemployment Rate has jumped to 4.0% vs. the consensus and the former release of 3.8%. June’s Claimant Count Change jumped to 25.7K vs. a decline in the number of job-seekers at 22.5K reported last month. Employment figures have missed expectations as firms preferred to dodge credit with higher interest obligations.

Meanwhile, the odds of fat rate hike announcements by the Bank of England (BoE) are still solid amid an absence of deceleration in the labor cost data. Three-month Average Earnings excluding bonuses have maintained a steady pace of 7.3% vs. expectations of 7.1%. Households with higher disposable income could step up overall purchasing ahead and eventually will fuel price pressures.

On Monday, BoE Governor Andrew Bailey conveyed that the central banks observing labor market conditions to bring down inflation to the 2% target. Also, UK FM Jeremy Hunt cited that the administration and the central bank will do whatever is necessary to tame price pressures.

The Japanese Yen has been underpinned against the Pound Sterling amid a solid Taken Survey. Manufacturing activities in the small, medium, and largest enterprises increased tremendously while service activities showed a slower pace. Going forward, Japan’s Producer Price Index (PPI) (June) will be keenly watched. Monthly PPI is expected to show an expansion of 0.1% vs. a contraction of 0.7%.

GBP/JPY

Overview
Today last price	181.34
Today Daily Change	-0.40
Today Daily Change %	-0.22
Today daily open	181.74

Trends
Daily SMA20	181.87
Daily SMA50	175.96
Daily SMA100	170.04
Daily SMA200	166.81

Levels
Previous Daily High	183.23
Previous Daily Low	181.1
Previous Weekly High	184.02
Previous Weekly Low	182.02
Previous Monthly High	183.88
Previous Monthly Low	172.67
Daily Fibonacci 38.2%	181.91
Daily Fibonacci 61.8%	182.42
Daily Pivot Point S1	180.82
Daily Pivot Point S2	179.9
Daily Pivot Point S3	178.7
Daily Pivot Point R1	182.94
Daily Pivot Point R2	184.15
Daily Pivot Point R3	185.07

Author

Sagar Dua

FXStreet

Sagar Dua is associated with the financial markets from his college days. Along with pursuing post-graduation in Commerce in 2014, he started his markets training with chart analysis.

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