Technical Analysis
GBPJPY have big potential to buy around 205.91. This particular area have big resistance or rejection from the previous level higher time frame, it means lots of buyers took profit and sellers decided to involve in. Based on volume indicator the momentum for buyers is weakening.
Fundamental Analysis
The euro, which has struggled in recent weeks under the shadow of political risk from the upcoming French elections, was slightly lower following the data release. It was down 0.2% against the U.S. dollar and 0.05% lower against the British pound at 10:30 a.m. London time.
Kyle Chapman, FX markets analyst at Ballinger Group, said that beyond a slight cooling in food prices — with unprocessed food inflation falling to 1.4% from 1.8% — overall, the latest consumer price index was a “virtual repeat of the May data.”
DISCLAIMER: The information on this analysis is based on research and experience, and it is not guaranteed to be accurate