Trading insights: Japan 225 outperformer, JPY underperformer last 5 days
As we near the end of the week, Japan 225 index +2%, EURO Stoxx 50 +1% and the US S&P 500 lags behind regional stock indices down -0.25% during the previous five days of trading.
While Japan equities outperform during the last 5 days, in FX land the JPY gets hammered over the same period.
Data source: Skilling/Tradingview as of 11/8/2023 7:45 UTC
Today’s economic calendar
United Kingdom GDP growth beats forecast, GBP strengthens across the board:
- UK gross domestic product (GDP) beats market consensus for the quarter, and year
GBP/USD reaction after the upside in UK GDP: The GBP strengthened against the USD following the data release.
Source: TradingView / J. Knobel August 11 2023 6:27 AM UTC
GBP/JPY - prospects for upside breakout?
Technical commentary: GBP / JPY
The GBP / JPY is currently trading near an eight year high, current price 183.81 facing resistance around the 184.75 area which if price manages to clear above could trigger a bullish extension move towards the 190s as a possible extension move higher. Downside risk seen below the 181.20 support (see chart).
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Not investment advice. Past performance does not guarantee or predict future performance.
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