Confirming you are not from the U.S. or the Philippines

By giving this statement, I explicitly declare and confirm that:
  • I am not a U.S. citizen or resident
  • I am not a resident of the Philippines
  • I do not directly or indirectly own more than 10% of shares/voting rights/interest of the U.S. residents and/or do not control U.S. citizens or residents by other means
  • I am not under the direct or indirect ownership of more than 10% of shares/voting rights/interest and/or under the control of U.S. citizen or resident exercised by other means
  • I am not affiliated with U.S. citizens or residents in terms of Section 1504(a) of FATCA
  • I am aware of my liability for making a false declaration.
For the purposes of this statement, all U.S. dependent countries and territories are equalled to the main territory of the USA. I accept full responsibility for the accuracy of this declaration and commit to personally address and resolve any claims or issues that may arise from a breach of this statement.
Cancel Confirm
We are dedicated to your privacy and the security of your personal information. We only collect emails to provide special offers and important information about our products and services. By submitting your email address, you agree to receive such letters from us. If you want to unsubscribe or have any questions or concerns, write to our Customer Support.
Confirm
Octa trading broker Sign up Log in
Octa trading broker
Open trading account
Trading news
Back
3 Jan 2024

GBP/JPY pinned to the high side as Yen market flows reverse direction

  • GBP/JPY looking to reclaim 182.00 as Yen-based pairs recover ground.
  • A thin economic calendar has markets focusing on broad directional flows.
  • China Services PMI early Thursday could drive Asia market session risk appetite.

The GBP/JPY has climbed over 1.3% on Wednesday as the Pound Sterling (GBP) recovered recently lost ground against the Japanese Yen (JPY), rising from a two-week low near 178.75 to come within challenge range of the 182.00 handle.

FX market flows are broadly pivoting out of JPY bets, driving the Japanese Yen down across the board and making the JPY handily the worst performer of the major currency bloc for the mid-week. 

The Yen is kicking off 2024 with a broad-base selloff as equity pours out of the Yen in favor of higher-yielding assets with the Bank of Japan (BoJ) firmly entrenched in their hypereasy monetary policy stance.

The Asia market session saw moderating risk appetite on Tuesday following China’s unexpected beat in Chinese Manufacturing Purchasing Managers’ Index (PMI) figures, coming in at 50.8 for December compared to November’s 50.7, a small gain but upending market forecasts of a decline to 50.4. With the Chinese Services PMI due early Thursday, a joint beat of PMI figures could see risk sentiment broadly hold higher heading into the back half of the first trading week of 2024.

GBP/JPY Technical Outlook

The Guppy’s Wednesday surge has the GBP/JPY easily clearing the 200-hour Simple Moving Average (SMA) near 180.50 as the pair gears up for a fresh run at the 182.00 handle. Despite the mid-week surge, the GBP/JPY remains firmly down from recent swing highs into 184.00 from mid-December.

Daily candlesticks reveal potential for an extended topside run after a bounce from the 200-day SMA near 179.50. The GBP/JPY could be geared for a challenge of the 50-day SMA near the 184.00 handle with the pair seeing a bullish rejection from the 200-day SMA for the first time since breaking into the high side of the long-term moving average back in April of 2023.

GBP/JPY Hourly Chart

GBP/JPY Daily Chart

GBP/JPY Technical Levels


 

Jan 3, 2024

EUR/JPY Price Analysis: Rallies as a bullish engulfing pattern emerges, bulls target 157.00

The EUR/JPY bounced off Tuesday’s lows of 155.06, and rallied more than 0.70% during Wednesday's session, trading at 156.47, as the Japanese Yen (JPY) began the year on the back foot.
Read more Previous
Jan 3, 2024

NZD/USD trims losses following FOMC minutes, defends the 20-day SMA

The New Zealand Dollar (NZD) encountered a downtrend in Wednesday's trading, forfeiting gains against a strong US Dollar (USD), with the NZD/USD landing near 0.6225 but then recovering towards 0.6245, above the 20-day Simple Moving Average (SMA).
Read more Next