GBPJPY Faces GDP and UK Employment Data for Direction

GBPJPY will be a focus on Tuesday with a GDP release for Japan and the latest employment figures for the UK. 

The pound sterling has faded from a recent sharp rebound, and there is potential for further weakness. 

GBPJPY – Weekly Chart

GBPJPY – Weekly Chart

Some resistance formed at the 168 level, and there is support below at the 160 level in GBPJPY. 

Japanese GDP was set to be released at the end of the European session. Analysts expect a 1.1% figure for annualised GDP. 

Japan’s economy was said to have grown 0.6% in September on a month-on-month basis, thanks to expanding exports, particularly to China and Europe, according to the Japan Center for Economic Research last week. 

The Tokyo think tank also predicted that the Japanese economy would grow 0.8% in the July-September quarter from the previous one. 

For the UK economy on Tuesday, the employment picture is said to have registered another loss of jobs, albeit smaller than last month. The economy lost -109k jobs last month and is estimated to have lost -25k jobs this month. 

UK job growth shrank for the first time since 2021, according to separate data last week. Businesses trimmed hiring for the first time since February 2021, when the country was in its most prolonged pandemic lockdown, according to the Recruitment and Employment Confederation (REC) and KPMG. The employment index released by the groups dropped to 45 last month, down sharply from September, highlighting fewer vacancies. That could be a bad omen for the British employment report on Tuesday and could lead the pound sterling lower.

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