- GBP/JPY hovers around 191.00, reflecting market caution ahead of Japanese unemployment and industrial production updates.
- Wall Street ends Q1 on a mixed note, with UK's recession confirmation and vigilance over JPY's weakness influencing sentiment.
- Technical analysis suggests potential for movement if GBP/JPY breaches key levels, with 192.00 and 193.00 as notable targets.
The GBP/JPY barely moved on Thursday amid thin liquidity conditions and is hovering around 191.00, virtually unchanged as Friday’s Asian session begins.
Wall Street posted a stellar first quarter of 2024, with the S&P 500 and the Dow Jones finishing in the green. The outlier was the Nasdaq Composite, which dropped 0.12% in the last trading day of Q1.
In addition, economic data from the UK showed that Britain’s economy hit a technical recession, as expected by the market consensus. In Japan, authorities remain vigilant about the Japanese Yen's (JPY) weakness, which sent the USD/JPY rallying near 152.00.
As the Asian session begins, the Japanese economic docket will reveal the unemployment rate for February, which is expected to remain at 2.4%. At the same time, Industrial Production figures for the same month are expected to rise from -6.7% MoM to 1.4%, while Retail Sales are foreseen to expand by 3%.
GBP/JPY Price Analysis: Technical outlook
The GBP/JPY is subdued as liquidity conditions tumble. If buyers regain control, they must push prices above the Tenkan-Sen level at 191.57, which could open the door to challenge 192.00. Further upside is seen at 193.00, followed by the year-to-date (YTD) high at 193.53
On the flip side, if the pair drops below 191.00, that would pave the way for further losses. The next support would be the Kijuin-Sen at 190.74, followed by the 190.00 mark.
GBP/JPY Price Action – Daily Chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD bounces off lows, retests 1.1370
Following an early drop to the vicinity of 1.1310, EUR/USD now manages to regain pace and retargets the 1.1370-1.1380 band on the back of a tepid knee-jerk in the US Dollar, always amid growing optimism over a potential de-escalation in the US-China trade war.
GBP/USD consolidates losses near 1.3300 after UK Retail Sales data
GBP/USD remains under moderate selling pressure near 1.3300 despite the upbeat UK Retail Sales data for March. The pair feels the heat of the solid US Dollar rebound, aided by latest headlines hinting at a softening rhetoric in the ongoing US-China trade conflict.
Gold drops toward $3,250 as market mood improves
Gold turns south following Thursday's rebound and declines toward $3,250 on Friday. The bearish pressure builds up as market mood improves on growing optimism about a de-escalation of the US-China trade conflict after US President Trump hinted at the beginning of negotiations.
Ethereum: Accumulation addresses grab 1.11 million ETH as bullish momentum rises
Ethereum saw a 1% decline on Friday as sellers dominated exchange activity in the past 24 hours. Despite the recent selling, increased inflows into accumulation addresses and declining net taker volume show a gradual return of bullish momentum.
Week ahead: US GDP, inflation and jobs in focus amid tariff mess – BoJ meets
Barrage of US data to shed light on US economy as tariff war heats up. GDP, PCE inflation and nonfarm payrolls reports to headline the week. Bank of Japan to hold rates but may downgrade growth outlook. Eurozone and Australian CPI also on the agenda, Canadians go to the polls.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.