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    GBP/JPY: falling after GDP surprises to the upside

    The GBP/JPY has fallen after the final estimate for Japanese Q1 GDP surprised to the upside, coming out at 1.0%.

    This has led to an appreciation in the yen and pushed the pair below a key trend-line for the recent rally. There is a possibility the very short-term trend could be about to change and the pair could now fall further to 190.15 -00, however, currently the up-trend remains, on balance intact.

    Nevertheless a break below the weekly pivot, including a 20-point margin, so below 190.54, would provide confirmation, for a probable move down to a target at just above 190.00 – at say about 190.10.

    Alternatively, given the still-intact up-trend, there is a also a possibility the pair could recover and resume its trend higher, particularly now it has finished its a-b-c correction down. Such a move, for example, would be confirmed by a break above the 191.94 highs, which might lead to a continuation up to the pivot at 192.95.

    GBPJPY08d

    The GBP/JPY has fallen after the final estimate for Japanese Q1 GDP surprised to the upside, coming out at 1.0%.

    This has led to an appreciation in the yen and pushed the pair below a key trend-line for the recent rally. There is a possibility the very short-term trend could be about to change and the pair could now fall further to 190.15 -00, however, currently the up-trend remains, on balance intact.

    Nevertheless a break below the weekly pivot, including a 20-point margin, so below 190.54, would provide confirmation, for a probable move down to a target at just above 190.00 – at say about 190.10.

    Alternatively, given the still-intact up-trend, there is a also a possibility the pair could recover and resume its trend higher, particularly now it has finished its a-b-c correction down. Such a move, for example, would be confirmed by a break above the 191.94 highs, which might lead to a continuation up to the pivot at 192.95.

    GBPJPY08d


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