GBP JPY

GBPJPY Currency pair flag

Latest GBP JPY Analysis

GBPUSD – GBPJPY – Forex forecast 20191015

Recap

GBPUSD longs at support at 1.2590/80 were stopped below 1.2560 but we bottomed exactly at strong support at 1.2520/10 with longs offered up to 130 pips profit on the bounce. 1.2630/40. (We topped exactly here).

GBPJPY broke support at 136.10/00 but bottomed exactly at the next target of 135.60/50.

Forecast – 15 October 2019
GBPUSD holding minor resistance at 1.2630/40 tests first support at 1.2590/80. Below 1.2570 risks a retest of strong support at 1.2520/10. Longs need stops below 1.2485. A break lower targets 1.2460/50.
Above 1.2650 meets strong resistance at 1.2700/10 but a break above 1.2730 targets 1.2780/90, perhaps as far as 1.2830/40.

GBPJPY minor support at 136.80/70, better support at 136.10/00. A break lower targets 135.60/50 with support at 135.10/00. We reached 137.84/87 last week so a break above 138.00 is obviously positive targeting 138.35/40 & 200 day moving average resistance at 138.65/75. A break above 139.00 targets 139.60/70, perhaps as far as resistance at 140.25/35.

GBP Chart

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Other major currency pairs


BUY - rate is expected to increase, i.e. the first currency gains value against the second currency.
SELL - rate is expected to go down, i.e. the first currency is expected to lose value against the second currency.


GBP/JPY – Live and Historical Rates

Nicknamed the “Geppie”, the GBP/JPY pair is not a major pair or a commodity one, despite the fact that the currencies that make it up are both majors. The chart above is an illustration of the amount of Japanese Yen required to purchase a British Pound.  

The GBP

The GBP is the 4th most traded currency in the world, behind the USD, the EUR and the JPY. It is also the oldest currency still in circulation today and one of the strongest value-wise. The strength of the GBP stems from the strength of the economies Britain trades with, but also from the size of the British economy. Much more than a national currency, the GBP has become over the years one of the symbols of British sovereignty. Since the country decided to exit the EU, the Pound has become much more volatile, though its status has been solidified by Brexit.

The JPY

A popular reserve currency, the Japanese Yen is also the world’s third most traded currency, behind the USD and the EUR. The JPY used to be pegged to the USD, though since 1973, it has been floating. It hasn’t required major interventions since. The economy powering the JPY is the second largest in the world. Since 1990, YPY interest rates have been kept low, which turned the currency into an attractive target for carry trading. While Japan exports silver, gold and magnesium, its economy is dependent on imported raw materials, such as copper, iron ore and bauxite.

GBPJPY Analysis

The reason why the GBP/JPY is not a major pair is that there is very little direct trade taking place between the two countries and the actual GBP/JPY forex trading volumes are mostly realized through the US – a major partner for both countries. The GBP/JPY pair may still make a decent vehicle for carry trades.

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