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5 Sep 2016

GBP/JPY retreats from 1-month highs

GBP/JPY is falling modestly on Monday, after rising during four consecutive days. A strong Japanese yen in the market offset better-than-expect data from the United Kingdom.

PMI and Kuroda

“The service sector PMI has bounced the most on record, albeit from a seven year low, as the initial negative shock from Brexit has dissipated. The headline has come in at 52.9 for August, up from 47.4 in July and with the manufacturing and construction indices from last week also having rebounded, the overall composite index is now at 53.6, which is consistent with trend growth in the UK”, said James Knightley, Senior Economist from ING.

The pound, despite falling against the yen is among the top performers in the currency market supported by PMI numbers.  The yen gained momentum from H. Kuroda comments.

GPB/JPY finds support above 117.30

On Friday, the pair peaked at 138.82, the highest level in a month and ended the day around 138.25/30. Since the beginning of the week, the pair moved with a bearish bias and bottomed at 137.31.

The area around 137.30 offered support. The pair is trading in a small range between 137.85 and 137.35, consolidating after the retreat from last week highs.

So far the bearish correction has been limited and the bullish bias on a wider perspective remains intact.

 

 

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