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GBP/JPY rises above 5-WMA after UK data

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - The GBP/JPY pair rose above its 5-week MA located at 183.54 after the data in the UK showed the industrial production rose at a faster than expected rate in August.

    GBP/JPY trades at 8-day high

    At 183.70, the spot is at a 8-day high. The buying interest in Sterling spiked after the UK Office for National Statistics (ONS) showed the industrial production rose 1% m/m in Aug, beating the estimated rebound to 0.3%.

    Meanwhile, BOJ Kuroda’s readiness to do more if required and the uptick in the European stocks has kept the safe haven Japanese Yen on a back foot.

    GBP/JPY Technical Levels

    The immediate resistance is seen at 184.22 (Sep 22 low), followed by a major hurdle at 185.37 (Aug 28 low). On the other side, support is seen at 182.49 (daily low) and 181.61 (Sep 24 low).
    For more information, read our latest forex news.

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