Forex Trading: GBPJPY Technical Analysis – December 12, 2019
The Great Britain Pound (GBP) kept on increasing against the Japanese Yen (JPY) this morning with a price that went up to more than 143.00. The increase in price occurs after major economic news broke. Due to the lower high print of the price during the last downside move, the technical bias might remain bullish.
GBP/JPY: Technical Analysis
As of writing this piece, the GPBJPY is being exchanged for the price being quoted near 143.55. There may be multiple resistance levels seen on the graph including the trend line resistance which may come around 144.65, ahead of 146.00 the psychological number and then 153.84, the key horizontal resistance which may restrict he price from increasing above the said level.
Moving towards the downside, the price may have some support around 140.19, the major horizontal support ahead of 136.97, the 38.2% Fib level and then 127.23, the trend line support which may prevent the price from falling below the said level as shown in the graph above.
GBP Manufacturing and Industrial Sector
From a fundamental standpoint, GBP receives positive news from the Manufacturing and Industrial Sector, both of which increase dramatically from a negative rate to a positive rate of production, and both are important as a transitory proportion of the power of UK manufacturing activity involving, an enormous amount of absolute GDP. It is perceived that strong GBP outcomes are bullish.
Given the GBPUSD’s overall activity, the market tends to remain bullish for a long time until it gets a big hit, so trading around the current level can be a decent choice, and traders who want to take a long-standing should also seek their luck.