Overall, GBP/JPY is trending upwards. Recently, GBP/JPY broke below the key level of 157.

The UK Retail Sales m/m data (Actual: -0.2%, Forecast: 0.6%, Previous: -0.6% revised from -0.9%) released last Friday indicated continued decline in consumer spending in September.

Also, the UK flash PMI data released indicated a faster pace of expansion in business activities in October due to the rolling back of COVID restrictions.

  • Flash Manufacturing PMI (Actual: 57.7, Forecast: 56.1, Previous: 57.1 revised from 56.3)
  • Flash Services PMI (Actual: 58.0, Forecast: 54.5, Previous: 55.4 revised from 54.6)

Bank of England committee member Tenreyro will be speaking later at 2100 (GMT+8). During this time, there may be volatility in GBP.

Currently, GBP/JPY is testing the support zone of 156.000 and the next resistance zone is at 158.000.
Look for short-term buying opportunities of GBP/JPY if it rejects the resistance zone of 156.000.


Be sure to follow me on Twitter at @jdtai and on TradingView at Jin_LCMSTraders for my latest post!

close

Get notified when there is a new post. Read new post to earn 10 points!

1 Star2 Stars3 Stars4 Stars5 Stars (2 votes, average: 5.00 out of 5)
Loading...

Rate an article for points!

By Jin Dao Tai

JinDao Tai is an Entrepreneur, Award-Winning Forex Coach & Trainer, International Speaker and Multi-Million Dollar Trader. Starting out his career as an economic & financial consultant in Australia, one day he decided to change his life and pivoted into multiple entrepreneurship endeavours and eventually into managing a multi-million dollar portfolio.

Leave a Reply

Your email address will not be published. Required fields are marked *