HomeAnalysis NewsForex Trading: GBPJPY Technical Analysis – October 29, 2019

Forex Trading: GBPJPY Technical Analysis – October 29, 2019

29 October 2019 By Galina Mikova

The Great Britain Pound (GBP) slid down the Japanese Yen (JPY) on Tuesday,  bringing the price of GBPJPY to less than 140.00 after some major economic news released. The technical bias may remain bullish since the pair’s value indicated a higher high in the recent upside move.

GBP/JPY Technical Analysis

Currently, the pair is being traded around 139.64,  immediate trendline support that prevents the price from the backing can be seen around 138.82,  ahead of 135.05, the 38.2% Fib level support and then at 131.75, the significant horizontal support as exhibited in the given below chart.

GBPJPY

On the upside, the immediate resistance can be witnessed around 140.34 at 61.8% Fib level, ahead of 141.14 the trendline resistance and then the major horizontal resistance can be noted at  148.86 which may cause hurdle in the path of moving over this level,  as demonstrated in the given above chart. The technical bias will remain bullish as long as 135.05, the key horizontal support level remains unchanged.

JPY Leading Economic index

In Japan, the news published by Cabinet Office identified with the Leading Economic Index (LEI), as per it, the record is 91.9 in this month, tumbling from the month earlier list of 93.7, down beating the financial specialist desire for 91.7.

The Leading Economic Index is a monetary indicator that comprises of 12 files, for example, account stock proportions, hardware orders, stock costs, and other driving financial markers. It shows the presentation 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, while an outcome more awful than the past is viewed as bearish.

Trade Idea

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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