GBP/JPY dips on stronger Yen as Tertiary Industry Activity Surprises!
Arslan Butt•Friday, October 12, 2018•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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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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