2 Jul 2015
GBP/JPY awaits breakout from the 100-pip range
FXStreet (Mumbai) - The GBP/JPY trade continues to trade in a 100-pip range of 192.00-193.00 ahead of the UK construction PMI report.
Trades above 5-DMA
The pair currently trades above its 5-DMA located at 192.47. The UK construction PMI is widely expected to rise to 56.5 from 55.9 in the previous month. The safe haven Yen has come under pressure, in line with the weakness seen in other safe haven assets, ahead of the US non-farm payrolls report. Moreover, the Greek issue appears to have taken a back seat.
However, the gains have been limited due to a drop in the GBP/USD pair below 1.56 levels. It remains to be seen if the GBP/JPY cross manages to breakout from the 100-pip range post the UK data.
GBP/JPY Technical Levels
The pair currently trades around 192.60. The immediate resistance is located at 193.00, above which the pair could rise to 193.53 (June 29 high). On the other hand, support is seen at 192.47 (5-DMA) and 192.00 levels.
Trades above 5-DMA
The pair currently trades above its 5-DMA located at 192.47. The UK construction PMI is widely expected to rise to 56.5 from 55.9 in the previous month. The safe haven Yen has come under pressure, in line with the weakness seen in other safe haven assets, ahead of the US non-farm payrolls report. Moreover, the Greek issue appears to have taken a back seat.
However, the gains have been limited due to a drop in the GBP/USD pair below 1.56 levels. It remains to be seen if the GBP/JPY cross manages to breakout from the 100-pip range post the UK data.
GBP/JPY Technical Levels
The pair currently trades around 192.60. The immediate resistance is located at 193.00, above which the pair could rise to 193.53 (June 29 high). On the other hand, support is seen at 192.47 (5-DMA) and 192.00 levels.