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6 February 2025,02:14
Trade Of The Day
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6 February 2025, 02:14
* Hawkish Lift: GBP/JPY extends its decline as the Japanese Yen remains supported by growing expectations of a Bank of Japan (BoJ) rate hike. On the economic front, preliminary government data released Wednesday showed that Japan’s inflation-adjusted real wages rose by 0.6% year-over-year in December. Additionally, the previous month’s figure was revised from an initially reported 0.3% decline to a 0.5% increase. Meanwhile, the consumer inflation rate, used by the government to assess real wages, accelerated from 3.4% in November to 4.2%, marking its fastest pace since January 2023. This reinforces expectations of further BoJ policy tightening, strengthening the Yen. Furthermore, BoJ Director General of Monetary Affairs Kazuhiro Masaki noted that underlying inflation is gradually approaching the 2% target, with moderate increases in services prices. He also pointed out that post-pandemic price hikes have primarily been driven by cost-push factors.
* Technical Breakout: GBPJPY was traded lower following prior breakout below the previous support level 190.550. MACD which illustrate bearish bias signal suggest the pair to likely extend its losses.
* Resistance and Support: If the bearish momentum persists, there’s a strong likelihood that the price will potentially head towards the level 188.100. Conversely, a potential reversal is also to be expected and the price could head back towards 193.150 after it breach back above the level 190.550.
Looking ahead, traders will focus on key U.S. data which includes Non-Farm Payrolls and Unemployment Rate, to assess market sentiment and gain further insights into economic trends.
Learn more about how to navigate the prop trading landscape by checking out PU Xtrader’s trading blogs.
Stay updated on UK, US and Japan data, global market updates, central bank updates and any shifts in the US Dollar’s strength and any shifts in the US Dollar’s strength by following PU Xtrader’s financial news page.
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