Today the Great Britain Pound dropped against the Japanese Yen (JPY) with a price of less than 143.00. It was inching high itself on the graph on the first three days of the trading, yet the GBPJPY continuously running on the uncertainty with the rising and dropping status for more than two months. As far as the technical bias is concerned, it may remain bullish, because the last downside movement showed a lower high wave.
GBP/JPY: Technical Analysis
Currently, the GBPJPY priced itself at 142.41 on the graph, its ideal for the GBPJPY that it is aided with the numbers of the support levels, at 140.85, it meets its first support level, the trendline support, ahead of this, there is the 32.8% Fib level and then at 134.88, it is aided with the major horizontal support.
On the upper side, it has the resistance levels that create the fear for the price that it might push it toward the downside, the first trendline resistance is just above the price, which is at 142.55, with a very minute distance, there is the Fib level of 23.6% at 143.77, then the major horizontal resistance stands at 147.92.
UK Manufacturing Purchasing Managers Index (PMI)
The Manufacturing Purchasing Managers Index (PMI) put it at the’ 50 on February 03, 2020, even though it was slightly better than the previous 49.8 indexes. As for GBP, the results of over 50 are optimistic while the results of under 50 are known as pessimistic. Because the manufacturing sector accounts for a large portion of the total GDP. PMI performance is an important measure for the UK business and economy.
It has been concluded from the above analysis, it meanwhile provides the excellent possibilities to the short and medium position holders for the investment.