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Trading news
23 Apr 2015
GBP/JPY rejected at 180.40 again; back below 180.00
FXStreet (Tokyo) - The British Pound has been rejected by the 180.40 level again versus the Japanese Yen. Currently, the GBP/JPY is trading back below 180.00. The move is being fueled by weak UK retail sales.
UK retail sales declined 0.5% in March, despite expectations of a 0.4% increase. February data was revised down to 0.6% from 0.7% previously reported.
Currently, GBP/JPY is trading at 179.80, down 0.26% on the day, having posted a daily high at 180.47 and low at 179.32. The hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is neutral.
GBP/JPY forecast
According to Danske Bank analyst Mikael Olai Milhøj, UK retail sales weak numbers are supporting Danske's case for a weaker GBP ahead of the UK elections. "The GBP depreciated against both the EUR and USD following the release. The weak figures support our view that the GBP will weaken against the USD ahead of the election on 7 May."
British Pound to Yen levels
If the pair consolidates levels below 180.00, it will find supports at today's PP at 179.70 and 179.50. To the upside, resistances are at 180.00, 180.40 and 181.00.
UK retail sales declined 0.5% in March, despite expectations of a 0.4% increase. February data was revised down to 0.6% from 0.7% previously reported.
Currently, GBP/JPY is trading at 179.80, down 0.26% on the day, having posted a daily high at 180.47 and low at 179.32. The hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is neutral.
GBP/JPY forecast
According to Danske Bank analyst Mikael Olai Milhøj, UK retail sales weak numbers are supporting Danske's case for a weaker GBP ahead of the UK elections. "The GBP depreciated against both the EUR and USD following the release. The weak figures support our view that the GBP will weaken against the USD ahead of the election on 7 May."
British Pound to Yen levels
If the pair consolidates levels below 180.00, it will find supports at today's PP at 179.70 and 179.50. To the upside, resistances are at 180.00, 180.40 and 181.00.