The Japanese National Core CPI for March decreased by 0.1% annualized. Economists predicted a decrease of 0.1%. Forex traders can compare this to the Japanese National Core CPI for February, which decreased by 0.4% annualized.
The Preliminary Japanese Jibun Bank Manufacturing PMI for April was reported at 53.3. Forex traders can compare this to the Japanese Jibun Bank Manufacturing PMI for March, reported at 52.7. The Preliminary Japanese Jibun Bank Services PMI for April was reported at 48.3. Forex traders can compare this to the Japanese Jibun Bank Services PMI for March, reported at 48.3. The Preliminary Japanese Jibun Bank Composite PMI for April was reported at 50.2. Forex traders can compare this to the Japanese Jibun Bank Composite PMI for March, reported at 49.9.
UK Retail Sales for March increased by 5.4% monthly and 7.2% annualized. Economists predicted an increase of 1.5% and 3.5%. Forex traders can compare this to UK Retail Sales for February, which increased by 2.2% monthly and decreased by 3.6% annualized. UK Core Retail Sales for March increased by 4.9% monthly and 7.9% annualized. Economists predicted an increase of 1.9% and 4.5%. Forex traders can compare this to UK Core Retail Sales for February, which increased by 2.5% monthly and decreased by 1.0% annualized. UK Public Sector Net Borrowing for March was reported at £27.27B. Forex traders can compare this to UK Public Sector Net Borrowing for February, reported at £15.31B.
The Preliminary UK Market Manufacturing PMI for April is predicted at 59.0. Forex traders can compare this to the UK Market Manufacturing PMI for March, reported at 58.9. The Preliminary UK Market Services PMI for April is predicted at 59.0. Forex traders can compare this to the UK Market Services PMI for March, reported at 56.3. The Preliminary UK Market Composite PMI for April is predicted at 58.2. Forex traders can compare this to the UK Markit Composite PMI for March, reported at 56.4.
The forecast for the GBP/JPY remains bearish as financial markets enter a likely risk-off period amid a surging Covid-19 pandemic, economic uncertainty, and policy mistakes. After price action moved into its ascending Ichimoku Kinko Hyo Cloud, more downside is possible until it reaches the lower band. The Tenkan-sen started to trend lower after crossing below its flat Kijun-sen, suggesting more weakness ahead. The CCI moved into extreme oversold territory but has more room to the downside.
Should price action for the GBP/JPY remain inside the or breakdown below the 149.000 to 150.000 zone:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 149.600
- Take Profit Zone: 145.450 – 146.350
- Stop Loss Level: 150.600
Should price action for the GBP/JPY breakout above 150.000, recommend the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 150.600
- Take Profit Zone: 151.300 – 152.000
- Stop Loss Level: 150.000
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EUR/JPY | Euro to Japanese Yen Trading Analysis
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