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US NFP

GBP/USD

GBP/JPY tumbles back towards 189.00 in broad-market Yen recovery

GBP/JPY continues to deflate, falling sharply on Thursday.
Japanese Retail Sales came in as expected, with revisions.
Japan’s Unemployment Rate to wrap up the trading week.

Joshua Gibson FXStreet

GBP/JPY fell back towards the 189.00 handle on Thursday after Yen (JPY) markets stepped higher following a Japanese Retail Sales print that came in at expectations, and previous data saw mixed revisions. UK data remains thin on the economic calendar this week, and Yen traders will be looking ahead to next Tuesday’s Japanese Tokyo Consumer Price Index (CPI).

Japan’s Retail Sales came in at 2.3% for the year ended in January, meeting market forecasts while the previous period saw an upside revision from 2.1% to 2.4%. The MoM figure also recovered to 0.8% after the previous month saw a sharp downside revision to -2.6% from -0.8%.

Japanese Industrial Production in January also declined to -7.5%, missing the -7.3% forecast and falling back from the previous print of 1.4%.

Next up for economic calendar watchers will be Japan’s Unemployment Rate due early Friday, which is forecast to hold steady at 2.4%. Japanese preliminary inflation from the Tokyo CPI is slated for next Tuesday.

GBP/JPY technical outlook

GBP/JPY is down eight-tenths of one percent on Thursday as the pair grinds back towards the 189.00 handle. The pair has slid from the week’s early high near 191.30. GBP/JPY is trading back into a heavy supply zone built around 189.00.

Despite near-term weakness, the pair is buried deep in bull country, with daily candles trading well above the 200-day Simple Moving Average (SMA) at 183.43.

GBP/JPY hourly chart

GBP/JPY daily chart

GBP/JPY

Overview
Today last price	189.19
Today Daily Change	-1.60
Today Daily Change %	-0.84
Today daily open	190.79

Trends
Daily SMA20	188.93
Daily SMA50	186.23
Daily SMA100	185.2
Daily SMA200	183.35

Levels
Previous Daily High	190.97
Previous Daily Low	190.27
Previous Weekly High	191.15
Previous Weekly Low	188.91
Previous Monthly High	188.94
Previous Monthly Low	178.74
Daily Fibonacci 38.2%	190.54
Daily Fibonacci 61.8%	190.7
Daily Pivot Point S1	190.38
Daily Pivot Point S2	189.98
Daily Pivot Point S3	189.69
Daily Pivot Point R1	191.08
Daily Pivot Point R2	191.37
Daily Pivot Point R3	191.78

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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