Key Points
- The British Pound made a solid upside move and traded above 146.00 against the Japanese Yen.
- There is a crucial bullish trend line with support at $145.80 forming on the hourly chart of GBPJPY.
- Recently in Japan, the Business Survey Index (BSI) Large Manufacturing Index for Q3 217 was released by the Ministry of Finance.
- The outcome was above the forecast of -2.8, as there was a rise from the last reading of -2.9 to 9.4.
GBPJPY Technical Analysis
The British Pound rose sharply this week and climbed by more than 100 pips above 146.00 against the Japanese Yen. The GBPJPY pair is in a super uptrend and recently traded as high as 146.59 where it faced tiny offers.
The pair might correct towards the 23.6% Fib retracement level of the last wave from the 143.91 low to 146.59 high. Moreover, there is a crucial bullish trend line with support at $145.80 forming on the hourly chart.
The trend line support is near the 38.2% Fib retracement level of the last wave from the 143.91 low to 146.59 high. Therefore, buying dips can be considered in the short term towards 146.00-145.80.
Japan’s Business Survey Index (BSI) Large Manufacturing Index
Today in Japan, the Business Survey Index (BSI) Large Manufacturing Index for Q3 217 was released by the Ministry of Finance. The market was positioned for a minor rise in the index from -2.9 to -2.8.
The actual result was above the forecast of -2.8, as there was a rise from the last reading of -2.9 to 9.4. The All Industries index rose from the last reading of -2 to 5.1, which is a positive sign.
Overall, the GBPJPY pair might correct a few pips in the near term, but remains supported near 146.00.
