Forex Trading: GBPJPY Technical Analysis – October 08, 2019
The Great Britain Pound (GBP) scales up the Japanese Yen (JPY) on Tuesday, raising the price of GBPJPY to more than 132.00 after some major economic news released. The technical bias may turn bullish since the pair’s value denoted a lower high in the recent downside move.
GBP/JPY Technical Analysis
Currently, the pair is being traded around 132.03. Immediate resistance can be witnessed around 132.32, ahead of 132.92 the trendline resistance and then at the 61.8% Fib level, resistance can be noted at 135.90 as demonstrated in the given chart.
On the downside, a key horizontal support can be seen around 130.10, ahead of 130.00, the psychological number and then comes 127.04 the key trendline support as shown in the given above chart. The technical bias will remain bearish as long as 132.32, the key horizontal resistance level flawless.
JPY Leading Economic Index
The JPY Leading Economic Index remains beneath the at 91.7 then the earlier month record i.e 93.7, likewise thumping the Economist expectation. This data is duplicated from the Cabinet Office (An Economic Indicator).
The Leading Economic Index is a financial pointer that comprises of 12 leading economic sectors. It demonstrates the exhibition of the Japanese Economy over the short and mid-term. As a rule, a higher-than-past perusing is viewed as positive (or bullish) for the JPY, though an outcome more terrible than the past is viewed as bearish.
Considering the overall price in the course of the most recent few days, purchasing the GBPJPY around current levels can be a better choice in the short to medium term.
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