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GBP to JPY Currency Pair Drops 0.3% Today, USD/JPY Also Weakens as Yen Advances

June 25, 2015 - Written by John Cameron

Japanese Yen Trending Higher Today, GBP Softer on Brexit Concerns

\r\n\r\nThe Pound Sterling to Japanese Yen (GBP/JPY) exchange rate was trending in the region of 193.8400 on Thursday while the USD to JPY exchange rate was achieving 123.5200. The Yen was able to gain on the Pound as demand for the British asset declined ahead of today’s European Union Summit in Brussels – at which UK Prime Minister David Cameron is due to speak on the subject of the UK’s EU membership. The Yen was also trending higher against the US Dollar in spite of Wednesday’s US first quarter growth data confirming that the world’s largest economy contracted by less-than-forecast in the first three months of the year.\r\n\r\nThe GBP to JPY exchange rate achieved high of 194.5900\r\n\r\n

USD/JPY Exchange Rate Outlook – Japanese Yen Movement Expected, Currency Markets Volatile as Greek Discussions Continue

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This is ActionForex’s US Dollar to Japanese Yen exchange rate forecast; ‘The pair is expected to find support at 123.51, and a fall through could take it to the next support level of 123.27. The pair is expected to find its first resistance at 124.18, and a rise through could take it to the next resistance level of 124.62.’\r\n\r\n During the Asian session Japan is scheduled to publish its Consumer Price Index, Household Spending report and Jobless Rate. All of these figures could prove the catalyst for JPY fluctuations. \r\n\r\nToday’s US Dollar to Japanese Yen Exchange Rate Newsflash – USD/JPY Brushes 123.4800 low\r\n\r\n

GBP to JPY and USD to JPY Forex Forecast for Next Week

\r\n\r\nNext week several influential Japanese reports have the potential to inspire both Pound Sterling to Japanese Yen and US Dollar to Japanese Yen exchange rate movement. The nation’s Retail Sales and Industrial Production figures are scheduled for release on Monday, with sales expected fall on the year and production believed to have slowed on the month. Tuesday sees the publication of Japan’s Construction Orders and Housing Starts numbers while the Markit/JMMA Manufacturing PMI is due out on Wednesday. The week’s rounded off with the nation’s Services PMI. Positive results could lend the Yen support.\r\n\r\n

US Federal Reserve Interest Rate Hike Bets Predicted to Impact Japanese Yen (JPY) Exchange Rate Trading

\r\n\r\nOf course demand for the Japanese Yen will also depend on the outlook investors are adopting regarding interest rate revisions in the US. Should next week’s US reports increase the odds of a September revision, the appeal of the safe-haven Yen may increase.
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