Can UK Jobs Report Support GBP/JPY Rise Today? - Kakiforex.com - Financial Market Media No. 1 in the World Can UK Jobs Report Support GBP/JPY Rise Today? Can UK Jobs Report Support GBP/JPY Rise Today?
InstaForex

June 15, 2021

Can UK Jobs Report Support GBP/JPY Rise Today?

 While expected to move weakly in the market, the Pound Sterling appears to have managed to strengthen against the Japanese Yen.


See price movements on the GBP/JPY currency pair chart.


In yesterday's European session, the price showed signs of making a decline, but as soon as it almost hit around the 154.300 level, the price rebounded again in yesterday's New York session.


Investors are still seeing risk on Pound trading as a result of pressure following the announcement of a postponement of measures to lift movement restrictions in the UK extended to 19 July.


But, the price on the GBP/JPY chart at the beginning of the European session today showed signs of rising higher after a slow move in the Asian session.


This follows the initial reaction of investors to the UK jobs report that was just published a moment ago.


The 3 -month average income index rose 5.6% higher than expected 4.9% and the unemployment rate also met the forecast to decline to 4.7% from 4.8% previously.



The encouraging reading of the report supports the appreciation of the Pound at the beginning of the European session, but can the situation last longer?


A price that breaks past the trendline barrier on the GBP/JPY chart is an early indication for a higher price increase.


The bullish expectation is to head to the resistance level of 156.00 which is the highest level successfully reached at the end of May after the last time the price touched that level in January 2018.


However, if the price plummets again, the level around 154.800 is seen to be the initial support level for the price which was previously seen as frequent focus.


A lower decline beyond that level could reach up to the support level of 153.900 which is in the RBS zone (resistance become support).