- Markets await data from Japan and the UK to register more moves.
- 146.30 acts as immediate resistance versus 50-day SMA likely being nearby support.
Fewer moves of the GBP/JPY pair were witnessed during early Thursday as it trades near 146.00. The quote remained sideways off-late as Japan’s Nikkei manufacturing PMI and the UK retail sales releases are awaited.
Even if China-data backed risk-on sentiment negatively affected the Japanese Yen (JPY) on Wednesday, sluggish prints of the British inflation numbers and no fresh developments surrounding the Brexit confined the pair’s moves.
10-year treasury yield of the US government bond, the risk barometer for global markets, remained unchanged near 2.59% during early-day.
The preliminary reading of April month Nikkei manufacturing purchasing manager index (PMI) from Japan was last came in at 49.2. On the flipside, March month retail sales from the UK could decline to -0.3% from +0.4% on a monthly basis but might improve to +4.6% from +4.0% on YoY format.
GBP/JPY Technical Analysis
A horizontal-line connecting April 15 lows near 146.30 is likely nearby resistance for the pair, a break of which can trigger its up-moves to 146.75, 147.00 and recent highs around 147.20.
Meanwhile, 50-day simple moving average (SMA) near 145.55 and 144.70 figure comprising 200-day SMA can continue to challenge sellers before pleasing them with 100-day SMA level of 143.60.