GBP/JPY & EUR/JPY Trading Levels – Japanese CPI and PMI Disappoints

The safe haven currency Japanese Yen is weakening over the series of worse than expected economic indicators. Earlier, the safe haven...

Economic Indicators In Focus

The safe haven currency Japanese Yen is weakening over the series of worse than expected economic indicators. Earlier, the safe haven currency remained in highlights in the wake of risk-off sentiment lead by the trade war fears between China and the U.S. Thus, an ease in a trade war is diminishing the safe haven appeal as well as demand for Japanese Yen.

 

The Japanese economy is struggling to fight the deflationary risk but Shinzo Abe managed to recover the economy. On Tuesday, the core CPI figure released by the Bank of Japan left no stone unturned to disappointed the investors. The core CPI fell from 0.7% to 0.5%, putting a big question mark on the loose monetary policy.  

 

You can’t ignore the Flash Manufacturing PMI figure as this estimate is typically based on approximately 85%–90% of total PMI survey responses each month and is designed to provide an accurate indication of final PMI data. The PMI figure plunged to 52.5 vs. 53.8 beforehand.

 

Well, the action isn’t over yet. I would suggest you focus on the U.K’s Inflation and European PMI figures discussed in FX Leaders May 23 – Economic Events Reports handy information. Watch out key support and resistance for EUR/JPY and GBP/JPY today.

 

 

EUR/JPY – Major Trading Levels

Support     Resistance

129.72    131.18

129.27    131.63

128.54    132.36

Key Trading Level:    130.45

 

GBP/JPY – Major Trading Levels

Support     Resistance

148.29    149.87

147.8    150.36

147.01    151.15

Key Trading Level:    149.08

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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