GBP/JPY dips on stronger Yen as Tertiary Industry Activity Surprises! - Forex News by FX Leaders

GBP/JPY dips on stronger Yen as Tertiary Industry Activity Surprises!

Posted Friday, October 12, 2018 by
Arslan Butt • 1 min read

The Japanese cross currency [[GBP/JPY]] took a steep dip of more than 50 pips. The Japanese Yen is gaining strength because of two reasons:

  • Sell-off in the stock market has boosted the demand for haven assets, thus the investors are moving their investments into the Japanese Yen.
  • Japanese Tertiary Industry Activity surprises the market by gaining to 0.5% vs. a dip of -0.1% previously. It shows a change in the total value of services purchased by businesses.

The bearish momentum in GBP/JPY seems to get weaker as the pair is reaching near a solid support level of 148.300. It’s actually an intra-day pivot level which is likely to determine the overall trend for the Guppy (GBP/JPY). Below 148.300, the pair is likely to fall deeper towards 147.850.

Support Resistance
147.86 148.83
147.35 149.29
146.39 150.26
Key Trading Level: 148.32

GBP/JPY – Trading Plan

Fellas, let’s see if the GBP/JPY manages to hold above 148.300. We can take a buying position for the target of 148.750. Whereas, selling will be preferred below 148.250 to target 148.850. Good luck!

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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