GBPJPY rose on Wednesday, and the technical bias is bullish due to higher highs in the recent downtrend.
The pair is currently trading near 150.957, and multiple resistance levels can be seen above which may prevent the price from rising further.
- Resistance level 1: 151.500
- Resistance level 2: 152.050
- Resistance level 3: 152.450
Below the price, multiple support levels can be seen which may prevent the price from falling.
- Support level 1: 150.750
- Support level 2: 150.140
- Support level 3: 149.350
On Friday, the UK will announce Markit’s comprehensive PMI data. Higher data will indicate favourable for the pound, so the GBPJPY currency pair is bullish, and vice versa.
Looking at the current price trend and economic development, it may be a good trading choice to buy the GBPJPY currency pair near the current level.