GBP/JPY Outlook (15 September 2020)
Overall, GBP/JPY is trending downwards. Recently, GBP/JPY broke the support zone of 136.200.
Yesterday, it was announced that Yoshihide Suga won a Liberal Democratic Party (LDP) leadership election, putting him in a parliamentary vote for Japan’s next Prime Minister this week.
Also, UK Prime Minister Boris Johnson won the tabling of the Internal Market Bill in the Parliament, leading to a weakening in GBP after a brief rally before Johnson's victory. The next checkpoint for Johnson will be next week where the MPs will be voting on the amendment that would allow the House of Commons to decide whether to carry out the bill to override the Brexit Withdrawal Agreement.
The UK employment data will be released later at 1400 (SGT).
Look for selling opportunities of GBP/JPY.
Yesterday, it was announced that Yoshihide Suga won a Liberal Democratic Party (LDP) leadership election, putting him in a parliamentary vote for Japan’s next Prime Minister this week.
Also, UK Prime Minister Boris Johnson won the tabling of the Internal Market Bill in the Parliament, leading to a weakening in GBP after a brief rally before Johnson's victory. The next checkpoint for Johnson will be next week where the MPs will be voting on the amendment that would allow the House of Commons to decide whether to carry out the bill to override the Brexit Withdrawal Agreement.
The UK employment data will be released later at 1400 (SGT).
- Claimant Count Change (Forecast: 99.5K, Previous: 94.4K)
- Average Earnings Index 3m/y (Forecast: -1.3%, Previous: -1.2K)
- Unemployment Rate (Forecast: 4.1%, Previous: 3.9%)
Look for selling opportunities of GBP/JPY.