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Market Analysis

Home » Technical Analysis » Daily » GBPJPY Setting Up For More Upsides

GBPJPY Setting Up For More Upsides

Posted by FXTimes in Daily - April 22nd, 2016 1:35 pm GMT

pound-sterling-us-dollar

Key Points

  • British Pound traded higher against the Japanese Yen and looks set for a move towards the 161.00 level.
  • There was a resistance trend line formed on the hourly chart of the GBPJPY pair, which was broken recently to clear the path for more gains.
  • Japanese Tertiary Industry Index released by the Ministry of Economy, Trade and Industry posted a decrease of 0.1% in Feb 2016.
  • Japanese Nikkei Manufacturing PMI released earlier today declined from 49.1 to 48.0 in April 2016 (preliminary).

Technical Analysis

The British Pound was trading positively today not only against the US Dollar, but also against the Japanese Yen. There was a resistance trend line formed on the hourly chart of the GBPJPY pair, which was cleared recently by the Pound bulls.

GBPJPY

The pair may even not correct a few pips lower and might continue to trade higher. If there is a correction, then the broken trend line may act as a support area.

On the upside, an initial resistance is around the 160.50 level, followed by the 161.80 area.

Japanese Tertiary Industry Index

Earlier today, the Japanese Tertiary Industry Index, which indicates the domestic service sector in Japan such as information and communication was released by the Ministry of Economy, Trade and Industry. The forecast was lined up for a decline of 0.4% in Feb 2016, compared with the previous month. However, the outcome was better as the decline was 0.1%.

Moreover, the Japanese Nikkei Manufacturing PMI was also released, which registered a decline from 49.1 to 48.0 in April 2016 (preliminary).

The GBPJPY is no doubt in an uptrend, and it the bulls remain in action there is a chance of a move towards the 161.00 area.

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