HomeAnalysis NewsForex Trading: GBPJPY Technical Analysis – October 04, 2019

Forex Trading: GBPJPY Technical Analysis – October 04, 2019

4 October 2019 By Galina Mikova

The Great Britain Pound (GBP )moved up against the Japanese Yen (JPY) on Friday,  increasing the price of GBPJPY to more than 134.00 following some major economic releases. The technical bias may turn bearish since the pair’s price marked a higher low in the recent upside move.

GBP/JPY Technical Analysis

Currently, the pair is being traded around 131.87. At 38.2% Fib level resistance can be witnessed around 132.25, ahead of 133.58, the horizontal resistance and then comes 133.86, the trendline resistance as demonstrated in the given below chart.

GBPJPY 04 oct 2019

On the downside,  a support can be seen around 131.17, the immediate horizontal support ahead of 130.11, the 61.8% Fib level and then comes 126.65 the key horizontal support as demonstrated in the given above chart. The technical bias shall remain bearish as long as 131.73, the key horizontal resistance level remains intact.

Great Britain Pound Industrial Production

The statistical measures in the industrial sector have a negative result than the last month. This news is released by the  National Statics in order to measure the output of UK factories and mines.

Changes in mechanical creation are generally pursued as a significant pointer of solidarity in the assembling segment. A high perusing is viewed as positive (or bullish) for the GBP, though a low perusing is viewed as bearish.

Trade Idea

Considering the overall price behavior of the pair over the last couple of days, buying the GBPJPY around current levels can be a good decision in the short to medium term. Since trading involves various other elements in order to stay safe such as choice of brokers, trading platform, leverage levels, negative balance protection, etc, therefore, exploring comparative websites may help you achieve your desired results.