GBPJPY Technical Analysis – March 31, 2021

The Great Britain Pound (GBP) slid down against the Japanese Yen (JPY) on Wednesday, decreasing the price of the GBPJPY pair to less than 152.00, ahead of the release of Japan’s Large Manufacturing Index news.

Technical Analysis
As of this writing, the GBPJPY hovers around 151.61, with a couple of supports in sight. Should the price continue to drop, the pair might find some support near the listed price levels.

Support
150.58 – the low of March 29, 2021
150.00 – the psychological number
149.42 – the lower trendline arm

On the Upside, the pair might face some hurdles near the given below price levels.

Resistance
152.53 – the major horizontal resistance
153.00 – the psychological number
153.60 the upper trendline arm

Japan’s Manufacturing Index News
The Bank of Japan is scheduled to release numbers for the first estimate of the manufacturing index Today (March 31, 2021). As per economists, the manufacturing Index might remain 0, in the first quarter this year, as compared to the reading of -10, in the quarter before.

The manufacturing index reflects the business conditions of the manufacturing sector in Japan. Since Japan has an export-oriented economy, it relies heavily on the manufacturing Industry. Generally speaking, a reading above 50 suggests a bullish trend for the GBPJPY pair and vice versa.

Conclusion
Keeping in view the price behavior of the pair over the last few days, buying the pair around 150.58 might yield some short to medium-term profits.