GBP/JPY advanced towards 173.90 amid upbeat UK data GBPJPY
UK’s S&P May’s Manufacturing PMI came in at 47.1 vs 46.9 expectedThe GBP/JPY traded with gains around the 173.80 area in Thursday’s session. ThePound strengthened against its major rivals while the Japanese Yen weakened against the Euro, Swiss and the Australian Dollar. In addition, upbeat manufacturing PMI from the UK and yield divergence between the British and Japanese yields seem to propel the pair.The British yields are on the upswing. The 10-year bond yield reached 4.
For Friday’s session, both British and Japanese economic calendars will remain empty and attention should turn to the US from May. It may have an impact on the expectations for the upcoming June 13-14 Federal Reserve meeting. According to the daily chart, the GBP/JPY holds a bullish outlook for the short term as the Relative Strength Index and Moving Average Convergence Divergence suggest that the buyers are in control while the pair trades above its main moving averages. However, the near overbought conditions of the pair may suggest a technical correction in the upcoming session.
The 172.50 zone is key for GBP/JPY to maintain its upside bias. If breached, we could see a more pronounced decline towards the psychological mark at 172.00 and 171.55 area where the 20-day Simple Moving Average stands. Conversely, resistances line up at the 174.00 followed by the 174.30 and the 174.50 zone.
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