Daily GBP/JPY analysis

It's tentative but fxstreet says 8:00 GMT. Even if they raise it, it will be a very tiny raise, they can't justify a stronger rate IMHO. I think the movement is just a matter of time.

The only question is, both USD and GBP rise against the Yen, but USD has already broken out, and GBPUSD is heading sharply down from all time highs. How does one behave in situations like these? Will the GBPJPY movement be stronger upwards than the USDJPY, given that the dollar already gained ground and lost momentum? Big questions, these. This is why experience is important.

I'm curious, why aren't we seeing more upward movement with this data? Does that seem unsual?

Thank you Cesar, the truth is that I can't find this word: STANK in my English dictionary.

because the market is very friendly to us it gives us an opportunity to buy at lower prices before the trend resume (north) always remember that the market never lies it is only we who lie to ourselves!

Can anyone traslate that to EST time? Tokyo difference to NYC time?

1:00am-2:00am EST

See if this one help:
http://www.arachnoid.com/lutusp/worldclock.html

Ok, I know you're waiting for this...

WFT IS THAT AVATAR ALL ABOUT?

Nyahahahahaha all day long all I have to do is to sit & trade cesarnc!

Please change the avatar. It is hurting my eyes :surprised

Trans Fat is bad for your heart, not your eyes....

ok my friend ur wish is my command i'll change it once the gopher hit the 239 level...

It is a nauseating picture. Please get rid of Shamu!!!


B.

NEWS: Japan Real Estate Bubble In Making, Could Speed Up BoJ] Tokyo, Apr
27. The well-read "Position" column in today"s Nikkei Financial suggests a
possible in-the-making in Japan"s real estate market. Commercial properties in the Tokyo central district were up some 9.4% over the previous year as of
January 1. Money continues to flood into Japanese real estate from both domestic and international investors, some via REITs and via private funds. According to the report, BoJ officials including the Governor are eyeing the situation closely. Although core inflation remains very low, the contention is that a bubble in real estate could speed up tightening moves by the central bank. On an interesting note, so-called "love hotels" are among the hottest properties. A fund is reported to be offering equity in these properties to retail investors for Y500,000/share with dividends ranging from 8.4-12%.

TOKYO (Dow Jones)--Japan released unexpectedly weak inflation, consumption and production data for March on Friday, making it even less likely that the Bank of Japan will push ahead with an interest rate hike anytime soon. Japan's central bank kept monetary policy unchanged Friday, and it's widely expected to hold off from raising rates again for at least a few months.
The most closely watched indicator of the day, the core consumer price index, dropped more sharply than expected.
Core CPI, which excludes volatile fresh food costs and which the central bank studies closely in making monetary policy decisions, fell 0.3% from a year earlier in March, the Ministry of Internal Affairs and Communications said.
The drop was due to declines in cell-phone fees, energy costs and TV set prices, the ministry said. In February it slipped 0.1%.
The 0.3% decline was the worst reading since March 2005, when the core index also slipped 0.3%, and missed the 0.2% decrease expected by economists polled by Dow Jones Newswires and Nikkei.
"The overall CPI trend is getting weaker, changing from leveling-off to softening," said Yasunari Ueno, chief market economist at Mizuho Securities. "Even if we factor in a rise in oil prices in May, the margin of CPI fall is expanding. Today's data have made it almost impossible for the BOJ to hike rates in May or June."
Reacting to the series of weak indicators released during the day, Economy Minister Hiroko Ota said she's "now more focused on its downside risks."
Ota noted at a news conference that one measure of prices, the "core-core" index, may be a worrying sign. The index, which excludes food and energy prices, fell 0.4% on year in March, bigger than February's 0.3% decline.
"The so-called 'core-core' price moves are a little weak. I want to closely examine why it is so," she said. "There is probably no change in my view that the economy overall is recovering ... But, I am now more focused on its downside risks."

The weakness in Japanese data overnight was broadbased, as retail sales disappointed, CPI was soft, IP fell sharply and household spending was subdued. The BOJ left rates on hold and today’s comments from the CB should reinforce the view that rates will only be normalised gradually and upon evidence of strengthening data, rather than pre-emptively. While the Yen does tend to strengthen into Golden week, the evidence from overnight data suggests we could first see a 120.00 attempt and 163.00 for Eur/Yen. The Euro side of this equation however could be soggy, as France-s Sarkozy has spilled the beans on a row between Juncker and Trichet in which the head of the Eurogroup threatened to resign after a dispute with the ECB chief. This seems to concern the strength of the Euro and ECB intransigence towards it. This is all a little second hand (coming from Sarkozy) but does reveal tensions between politicians and CBers, a recipe that usually is bad news for a currency. We expect more clarification on the wires of this story today and in the meantime see it as a Euro depressant. Stops under 1.3580 are possible.

Highlights

Asian bourses dip off as gold also slides. Consolidation continues
Japanese IP fall 0.6% mom against +1.1% f/cs
Japanese jobless rate holds steady at 4%
Japanese CPI readings were all on the soft side, showing no clear uptick towards inflation
Japanese April PMI falls to a 26 mth low of 52.3
Japanese retail sales fell 0.7% yoy
BOJ keeps policy unchanged as data yet again disappoints
French Presidential candidate has said the head of the Eurogroup, Juncker, threatened to quit his role after a row with Trichet over monetary policy and Euro strength.
Fed-s Yellen says the economy should strengthen in H2
Fed-s Yellen says slow Q1 growth of 1.8% would not be a surprise
NZ March cash card spending fell 0.1% mom, the first slide in 8 mths.

Diary

06.15GMT BOJ semi annual report
06.30GMT BOJ Fukui speaks
06.45GMT French consumer conf
06.50GMT French PPI
08.00GMT Eurozone c/a

Seems its getting bit heavyer here might give a try on 237.30/35 support again.

or forgot to say and thanks for the articles!

Drop from 237.35 might lead bounce around 236.70/75 support area.

nowtheres defenedly happening something!

any thaughts ?

im seeing 236.85/90 as next level ... ... bounce bounce ???

Are we still heading for 241????
Just waked up......... http://www.forexfactory.com/images/icons/icon11.gif