Forex Trading: GBPJPY Technical Analysis – November 07, 2019

The Great Britain Pound (GBP) inched higher against the Japanese Yen (JPY) on Thursday, increasing the price of GBPJPY to more than 140.00 after several major economic releases. The technical bias can remain bullish as the pair’s price marked a higher high peak in the recent upside move.

GBP/JPY Technical Analysis

Currently, the pair is being traded around 140.10. immediate resistance can be found at nearly 140.34, the 61.8% Fib level, ahead of 142.24, the trendline resistance, and then comes 148.86, a significant horizontal resistance as shown in the chart below.

GBPJPY

Speaking about the downside, The immediate trendline support can be seen approximately 137.92, ahead of 135.06, the 32.8% Fib level support and then 131.75, the major horizontal support that prevents the price from falling below, as shown in the graph above. The technical bias will remain bullish as long as 135.06 remains the key level of horizontal support.

JPY Unemployment Rate

On October 31, the Ministry of Health, Labor and Welfare announced that Japan’s unemployment rate rose to 2.2%, compared to the month before the 2.4% rate, down from the economist’s expectations, which was 2.3%.

The rate of unemployment is an indicator of Japan’s number of unemployed. A high percentage suggests a labor market shortage that affects the Japanese economy’s strength and course. A low percentage for the JPY should, therefore, be taken as positive or bullish.

Trade Idea

Considering the pair’s overall market activity over the past couple of days, purchasing GBPJPY at current levels can be a reasonable short to medium term decision. Since trading requires a number of other elements to remain safe, such as broker selection, trading platform, leverage rates, negative balance protection, etc. Exploring comparative websites can, therefore, help you achieve your desired result.

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