GBP/JPY – Pound Looks Set For Gains Against JPY
Key Highlights · British pound gained against the Japanese yen and looks set for more upsides. · There were a couple of bearish trend lines formed on the hourly chart of GBP/JPY, which were broken. · The Japanese Unemployment Rate which comes from the Ministry of Health, Labour and Welfare came in at 3.3% in Feb 2016. · Japanese overall Household Spending released by the Ministry of Internal Affairs and Communications posted a rise of 1.2% in Feb 2016, compared with Feb 2015. GBP/JPY Technical Analysis The British pound enjoyed a decent run against the Japanese yen recently, as the latter one weakened a lot. The GBP/JPY pair also managed to settle above a couple of bearish trend lines formed on the hourly chart.
GBP/JPY H1 Chart
The pair also moved above the 50% Fib retracement level of the last drop from the 164.07 high to 158.44 low. So, all in all there are a lot of bullish signs, which could take the pair higher in the short-term.
The next resistance on the upside for GBP/JPY could be around the 76.4% Fib retracement level of the last drop from the 164.07 high to 158.44 low.