Forex Marketz Daily Forex News – Fully Markets Update
The British pound has edged higher against the Japanese yen during the start of the early Asian trade session as we head into the weekend. The GBP/JPY currency exchange rate is trading at the fifty percent Fibonacci level and above 153.65 yen.
Also of note, the British pound is trading above 153.60 yen after seeing a low price point of 153.14 yen on Thursday.
After a busy week, which included a hawkish U.S. Federal Reserve statement, G-7 summit and summit between President Joe Biden and Russian President Vladimir Putin, the economic calendar is quiet on Friday. The United Kingdom is publishing monthly retail sales data.
Germany is releasing monthly producer price index (PPI) data and the euro area will publish their current account. The United States has no macroeconomic calendar data scheduled to be released today. Neither does Canada.
Daily British Pound Technical Analysis (GBP/JPY)
Looking at the above daily GBP/JPY MT 4 price action chart, the 14 day MACD histogram is signaling a bearish price trend as it inches lower. The British pound has been on the back foot against the Japanese yen since the start of June. Basically retreating from the yearly high price point of 156.07 set on 27 May.
A move below 153.63 yen opens the door to challenge the downside barrier lining up at the 61.8 percent Fibonacci price level of 153.02 yen. A sustained close below 153.02, could then see the GBP/JPY Forex market challenging the horizontal support level at 152.40 yen. The 10 May low price point would be the next downside barrier in play at 151.98 yen.
On the upside, a sustained close above the intraday high price point at 153.68 yen opens the door to challenge the 38.2 percent Fibonacci level. This technical layer of resistance comes into play at 154.17 yen. The next technical layer of resistance is in play at 155 yen with the 15 June high price point of 155.48 then coming into focus.
