The Great Britain Pound (GBP) inched higher against the Japanese Yen (JPY) on Friday, increasing the price of GBPJPY to more than 145.00 following some major economic releases. The technical bias may remain bullish since the pair’s price marked a higher high in the recent upside move.
GBP/JPY Technical Analysis
As of this writing, the pair is being traded around 145.50, the 61.8% Fib level resistance can be witnessed around 146.15, ahead of 148.87, the major horizontal resistance and then comes 149.05, the trendline resistance level as demonstrated in the given below chart.
On the downside, the price may come across support around 144.44, the major horizontal resistance, ahead of 141.72, the 61.8% Fib level support and then comes 137.33, the 61.8% Fib level support as demonstrated in the given above chart. The technical bias shall remain bullish unless 144.44, the key horizontal support level remains intact.
Japan’s Machinery Order News
In Japan, the figure concerning the rate of machinery orders remained at 6.8.0 percent in August, as compared to 11.0 percent during the month before, up beating the expectation of economist which was -4.0 percent. The data is sourced from news released by the Cabinet Office, Japan.
The figure represents the total number of orders placed with major manufacturers in the country. These orders are considered as a binding obligation on producers to deliver goods and services to consumers in legal terms. It is to be noted that the figure is considered the best indicator of the level of businesses confidence. Generally speaking, a higher reading in this regard is taken as a bullish trend for the Japanese Yen( JPY) whereas a lower reading suggests a bullish trend for the Japanese Yen (JPY).
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 short to medium term.