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On April 3, Kimberly Clausing, a former Biden administration official and nonresident senior fellow at the Peterson Institute for International Economics, called Trumps tariff announcement on Wednesday "very stubborn and much worse than I expected." "I expected things to be bad, but I didnt expect this level of self-harm. Its shocking that anyone thought this was a good idea. Id be shocked if we can get through this without a recession and Trump doesnt have to reverse his policies."On April 3, some economists worry that if Trump does not quickly cancel the latest round of tariffs, it may push the US economy into a recession. "If the US government implements these higher tariffs without major exemptions, it will be difficult for the economy to digest this. A recession seems more likely." said Mark Zandi, chief economist at Moodys Analytics. Zandi said, "In many ways, the tariffs announced by Trump are even worse than the worst case scenario he envisioned. If they stick to it, I will buckle up and prepare for the impact." Zandi added that on a static basis, tariffs account for nearly 2% of GDP (not considering the impact of tariffs on the economy and taxes), which makes this round of tariffs the largest tax increase since the tax increase used to finance the war during World War II.German Automobile Industry Association VDA: The EU must now speed up and make up its mind on the issue of free trade agreement.On April 3, the Reserve Bank of Australias latest report for the banking industry warned that continued uncertainty in US trade policy "could have a chilling effect on business investment and household spending decisions, and pose a significant headwind to the outlook for global economic activity and inflation." The Reserve Bank of Australia said there was also considerable uncertainty about the impact of possible changes in fiscal, regulatory and other government policies on global growth and inflation.The Hang Seng Index in Hong Kong opened on April 3 (Thursday) down 564.32 points, or 2.43%, to 22,638.21 points; the Hang Seng Technology Index opened on April 3 (Thursday) down 168.53 points, or 3.11%, to 5,257.91 points; the CSI 300 Index opened on April 3 (Thursday) down 219.05 points, or 2.57%, to 8,312.46 points; the H-share Index opened on April 3 (Thursday) down 61.24 points, or 1.59%, to 3,800.76 points.

GBP/JPY Price Analysis: The 200-day exponential moving average is exerting selling pressure near 162.00

Alina Haynes

Dec 29, 2022 11:48

 GBP:JPY.png

 

In the early Tokyo session, the GBP/JPY pair has encountered selling pressure as it attempts to surpass immediate resistance at 161.50. The cross has dropped sharply after failing to sustain significant resistance above 162.00. The asset is under pressure following a four-day gaining streak despite the Bank of Japan's (BOJ) announcement of a dovish policy stance in its summary of ideas.

 

The GBP/JPY pair saw a significant decrease after failing to sustain above the 200-period Exponential Moving Average (EMA) at 162.13 on an hourly scale. At 161.38, the cross is near to the 20-exponential moving average (EMA), indicating that the future is likely to be stressful. On a larger scale, potential support is indicated by the 21 December high near 161.00.

 

In the meantime, the Relative Strength Index (RSI) (14) has decreased from the bullish region of 60.00-80.00 to the neutral region of 40.00-60.00, suggesting that the upward momentum has ceased; however, the upside bias has not yet been lost.

 

For an upward move, the pair must surpass the December 28 high of 162.34, which will drive the cross toward the November 11 low of 163.00 and the December 2 low of 164.00.

 

Alternately, a violation of the high from December 21 around 161.00 would take the asset toward the low from December 26 at 160.19, then the low from December 21 at 159.50.

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