GBPJPY Weekly FOREX Forecast 29-May-2017

GBPJPY Weekly FOREX Forecast 29-May-2017

GBPJPY Weekly FOREX Forecast 29-May-2017

GBPJPY Weekly Forecast

Closing Price of last week

Estimated Range

Direction

142.50

140.72-143.80

Neutral

Weekly Outlook of GBPJPY

Last week, against the backdrop of rising stock prices from the beginning of the week, it became a relatively strong movement. However, the UK and that GDP has become the results below market expectations, consumer spending in response to that was the lowest level since December 2014, became the upside heavy movement. And, although the production cuts agreed by OPEC has decided, in response to the fact there was no expansion of the production cuts scale, crude oil prices were also affected by the sharp drop. In addition, in the poll of the British general election of 6/8, in response to the news of the ruling Conservative Party of lead has shrunk, pounds selling becomes dominant, fell pound / yen from 145.44 to 142.14.This week, upside heavy movement is expected. The beginning of the week is, from the fact that the UK is a holiday in the spring bank holiday, price movements would be limited. And, although this week is less announcement of major British economic indicators, in response to the results of a public opinion survey of the UK general election, which is scheduled for next week, there will be a possibility that speculation is interlaced. So far it had been expected that the Conservative Party of the ruling party to victory, but in the last week of the poll, the support rate of the lead has shrunk. Therefore, will the results of the poll will be noted just before. In addition, sometimes there is a growing terror alert in the UK and Europe, until after the general election there is also a view that the difficult movement.
Source: SBI Securities

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