The Great Britain pound (GBP) fell against the Japanese yen (JPY) today after two days of continuous advances, owing to the Japanese Retail trade data released today.
The Japanese Ministry of Economy released numbers for Japan’s retail trade annual news today. According to an FXStreet.com report, Japan’s retail trade registered a reading of 3.1% in May, compared to the reading of -0.4%, in the month before.
The stats for Japan’s retail trade reflects the total sales made by the retail sector of Japan. The figure is reported after taking account of the retail sales made by different stores located countrywide. Retail sales include products such as merchandise and products related to general consumption and household. Not to mention, consumer spending is an important economic indicator.
Generally speaking, a high reading is positive for the Japanese yen whereas suggests the bearish market for the GBPJPY.
As of this writing, the GBP/JPY currency pair strengthens around 152.54, with some resistance levels seen ahead, which might create difficulties for the pair against the forward run.
On the other side, the Chartered Institute of Purchasing & Supply and Markit Economics will release the figure of Markit Manufacturing PMI. According to economists, it might register a reading of 60.4 while bearing no change compared to the month before data.
Traders want the maximum possible reading because it will be viewed favorably by the GBP. Any number more than 50 denotes expansion.
Considering the price movement of GBP/JPY for the past few days, buying it around the current levels might be a suitable decision for the short to medium-term trading.