• GBP/JPY is holding itself above 166.50 as the UK Inflation has landed in line with the estimates.
  • The UK Inflation has landed at 9.1% while the core CPI is been recorded at 5.9%.
  • Prudent commentary in the BOJ minutes has supported the yen bulls.

The GBP/JPY pair has not displayed any wild move as the UK Inflation has landed in line with the forecasts at 9.1%. The core Consumer Price Index (CPI) has been recorded at 5.9%, lower than the estimates of 6% and the prior print of 6.2%.

Even a stable inflation print demands a 50 basis point (bps) rate hike by the Bank of England (BOE) in its July monetary policy. It is worth noting that the BOE elevated its interest rates by 25 bps in June. Lower growth prospects tied the hands of the BOE policymakers to see beyond the nominal rate hike figure.

The labor market is extremely tight in the UK economy as the administration has managed to generate sufficient employment opportunities in the first quarter. Also, the Claimant Count Change data tumbled significantly in May. The UK economy recorded only 19.7K jobless claims vs. -65.5k recorded earlier.

On the Tokyo front, June’s monetary policy minutes from the Bank of Japan (BOJ) have supported the yen bulls broadly.  As per the BOJ minutes, the central bank will stick to its ultra-loose monetary policy. The overall demand in the Japanese economy is not so strong and a higher inflation rate seldom banks upon costly fossil fuels and food prices.

GBP/JPY

Overview
Today last price 166.69
Today Daily Change -0.93
Today Daily Change % -0.55
Today daily open 167.62
 
Trends
Daily SMA20 163.89
Daily SMA50 162.77
Daily SMA100 159.92
Daily SMA200 156.72
 
Levels
Previous Daily High 167.83
Previous Daily Low 165.35
Previous Weekly High 166.22
Previous Weekly Low 160
Previous Monthly High 163.91
Previous Monthly Low 155.6
Daily Fibonacci 38.2% 166.88
Daily Fibonacci 61.8% 166.3
Daily Pivot Point S1 166.03
Daily Pivot Point S2 164.45
Daily Pivot Point S3 163.55
Daily Pivot Point R1 168.52
Daily Pivot Point R2 169.42
Daily Pivot Point R3 171

 

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

EUR/USD rebounds, steadies above 1.0400

EUR/USD rebounds, steadies above 1.0400

EUR/USD has staged a rebound and reclaimed 1.0400 during the American trading hours on Friday with the US Dollar Index retreating from the multi-week high it set at above 105.60. Nevertheless, the pair remains on track to close the week in negative territory. 

EUR/USD News

GBP/USD climbs to 1.2050 area, looks to post weekly losses

GBP/USD climbs to 1.2050 area, looks to post weekly losses

GBP/USD reversed its direction and advanced to the 1.2050 area after having dropped to 1.1976 earlier in the day. The pair is still down more than 1% on the day with safe-haven flows dominating the financial markets following the disappointing PMI data from the US.

GBP/USD News

Gold rebounds above $1,800 as US yields fall sharply

Gold rebounds above $1,800 as US yields fall sharply

Gold has regained its traction and recovered above $1,800 after having slumped to a multi-month low below $1,790. Following the dismal PMI data from the US, the benchmark 10-year US Treasury bond yield is down more than 6% on the day, fueling XAU/USD's rebound.

Gold News

Why traders are rushing to exit positions on Cardano’s ADA price

Why traders are rushing to exit positions on Cardano’s ADA price

Cardano (ADA) price has had its performance review as the summer kicks off. ADA bulls are returning home with not-that-good a scorecard, and the underperformance could cut short holiday funding for the cryptocurrency.

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!

BECOME PREMIUM

Forex MAJORS

Cryptocurrencies

Signatures