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March 03, 2023
After closing at 163.24 yesterday, GBP/JPY began today at 163.46 with significant bullish sentiment driving GBP/JPY's price action higher. So far today, price action has drawn out a distinct 163.07 to 163.63 range.
Pound-Yen is currently trading at 163.51 following the release of Composite PMI data from the United Kingdom.
At the same time, United Kingdom Composite PMI came out at 53.1, while a consensus of analysts was expecting 53. Japan Services PMI released today at 00:30 UTC with a figure of 54, while the previous figure was 52.3. Japan Jobs/applications ratio (Jan) released yesterday at 23:30 UTC with a figure of 1.35, while the previous figure was 1.35.
A look at other currencies also shows bullish price action as GBP/NZD surges 0.72% to trade around 1.9338. GBP/CAD gained 0.66% and is now trading at 1.6344. Having closed the previous session at 1.1943, GBP/USD is up 0.61% today to currently trade at around 1.2017.
Furthermore, the market is looking at United Kingdom CFTC GBP speculative net positions scheduled to come out today at 20:30 UTC. Japan CFTC JPY speculative net positions is expected today at 20:30 UTC.
Having established significant support at 144.6 approximately 4 months ago, Pound-Yen's share price has bounced 12.89% higher.
