2020-07-24 16:28
Market analysisGBP/JPY Outlook (24 July 2020)
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Market analysis：
Overall, GBP/JPY is trending upwards. Recently, GBP/JPY moved down to the support zone of 135.900.
The Japanese banks will be closed today in observance of Health-Sports Day. Expect lower trading volume and volatility during the Japanese market session.
The UK Retail Sales m/m data (Forecast: 8.3%, Previous: 12.0%) will be released later at 1400 (SGT).
Also, the UK flash PMI data will be released at 1630 (SGT).
-Flash Manufacturing PMI (Forecast: 52.0, Previous: 50.1)
-Flash Services PMI (Forecast: 51.4, Previous: 47.1 revised from 47.0)
Currently, GBP/JPY is testing the support zone of 135.900 and the next resistance zone is at 139.000.
Business activities in the UK are expected to improve in July with the services industry starting to expand. If the released PMI data are better than forecasted, look for buying opportunities of GBP/JPY.
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GBP/JPY Outlook (24 July 2020)
Singapore | 2020-07-24 16:28Overall, GBP/JPY is trending upwards. Recently, GBP/JPY moved down to the support zone of 135.900.
The Japanese banks will be closed today in observance of Health-Sports Day. Expect lower trading volume and volatility during the Japanese market session.
The UK Retail Sales m/m data (Forecast: 8.3%, Previous: 12.0%) will be released later at 1400 (SGT).
Also, the UK flash PMI data will be released at 1630 (SGT).
-Flash Manufacturing PMI (Forecast: 52.0, Previous: 50.1)
-Flash Services PMI (Forecast: 51.4, Previous: 47.1 revised from 47.0)
Currently, GBP/JPY is testing the support zone of 135.900 and the next resistance zone is at 139.000.
Business activities in the UK are expected to improve in July with the services industry starting to expand. If the released PMI data are better than forecasted, look for buying opportunities of GBP/JPY.
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