7 Oct 2015
GBP/JPY rises above 5-WMA after UK data
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).
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).