The British pound (GBP) declined against the Japanese yen (JPY) on Thursday, with the pair’s price suggesting continued price volatility since the end of October. The price of the pair on Tuesday may fall before the release of the Tokoyo CPI’s significant economic report.
Tokyo Consumer Price Index from the Statistics Bureau will release today. Economists predict that it might register a figure of 0.4% this month relative to last month index of 0.1%.
The Tokyo Consumer Price Index is a calculation of price fluctuations based on the retail prices of a typical shopping basket of goods and services, excluding fresh food. The indicator reflects Tokyo’s inflation. A high reading is generally good for the JPY.
On November 29, 2021, the Ministry of Health, Labor, and Welfare will announce the unemployment rate. It is a measure of the percentage of Japanese jobless people, and it has a significant impact on the strength of the Japanese yen.
Furthermore, the pair’s price could be greeted with a few levels of resistance, which could cause roadblocks in their forward movement.
Traders have a good chance of investing, as the GBP/JPY currency pair has been experiencing their dovish pattern for more than one month, it wouldn’t have declined badly until there’s a strong reversal.