The Japanese cross GBP/JPY soared sharply above 150.00 on the back of the UK’s better than expected Manufacturing PMI. Owing to this spike, our forex trading signal managed to get a quick 30 pips for us. Now I’m looking to set up another pending order. Are you up for it?

GBP/JPY – Quick Technical Outlook

Recalling our earlier update, GBP/JPY Bounces off 148.550 – Investors Eyeing UK Manufacturing PMI, the pair traded exactly as forecasted. Today, the GBP/JPY is once again depending upon the fundamentals from the UK. This time it’s Construction PMI which is expected to drop from 51.4 to 50.9.

GBP/JPY – 180 Min Chart

At the moment, the GBP/JPY is trading at 150, after breaking above the descending triangle pattern near 149.450. We can also see a bullish crossover on the 50 periods EMA.

The pair can face resistance near 150.50, the double top pattern along with a support near 149.450.

GBP/JPY –  Trading Plan

Traders I’m looking to stay bearish below 150.500 with a stop above 150.750 and take profit of 149.550. Good luck!