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GBP/JPY hovers around 183.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 7, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - Offered at 183.36 in Asia, the GBP/JPY pair fell back to trade around its 183.00 levels ahead of the UK industrial production figure.

    Focus on UK data

    The UK industrial production and manufacturing production is seen recouping some of the loss seen in July. The UK industrial production is seen rising 0.3% MoM, although a downside surprise cannot be ruled out.

    Meanwhile, the Japanese Yen came under slight pressure even though the Bank of Japan (BOJ) left its monetary policy unchanged. Apart from the UK data, the pair could also be influenced by the PM Abe and BOJ Kuroda’s comments.

    GBP/JPY Technical Levels

    At 183.04, the immediate resistance is seen at 183.36 (daily high), followed by a major hurdle at 184.22 (Sep 22 low) and 185.37 (Aug 28 low). On the other side, support is seen at 182.49 (daily low) and 181.61 (Sep 24 low).
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