Key Points
- The British Pound recently faced resistance near 139.00 against the Japanese yen, and moved down.
- The GBPJPY pair, however found support near a bullish trend line at 137.75 on the hourly chart.
- Today in Japan, the Securities investment figure (March 31), released by Ministry of Finance came in at ¥584.5B.
- The Japanese Foreign bond investment (March 31) came in at ¥1,099.8B, up from the past revised reading of ¥-146.8B.
GBPJPY Technical Analysis
The British Pound slowly and steadily moved down below 140.00 against the Japanese yen. There was a correction recently towards 139.00, but the GBPJPY pair faced hurdles, and moved down. A bearish trend line with resistance near 139.00 prevented gains and ignited a downside push.
The pair moved down and fell towards the 138.00 level before finding support near a bullish trend line at 137.75 on the hourly chart.
The pair is once again correcting higher, and attempting a close above 138.00 and the 21 hourly simple moving average. There can be a move towards the 38.2% Fib retracement level of the last decline from the 139.04 high to 137.2 where the pair may find resistance.
Japanese Securities Investment
Recently in Japan, the Securities investment figure (March 31) was released by Ministry of Finance. According to the report, the bonds issued in a domestic market by a foreign entity in the domestic market’s currency were ¥584.5B (March 31), and the last reading was ¥-754.3B.
Moreover, the Japanese Foreign bond investment (March 31), came in at ¥1,099.8B, up from the past revised reading of ¥-146.8B. The Japanese yen was seen gaining bids during the Asian session, as GBPJPY and EURJPY fell and were pressured.
Overall, the GBPJPY might bounce and correct higher in the near term, but most likely to face resistances near 138.25 and 138.60.
