GBP/JPY churns on Friday, trying to hang onto 182.00

The GBP/JPY sees up-and-down action to cap off the trading week.
Japan inflation continues to weaken, UK sees upside GDP surprise.
Next week sees little of note on the economic calendar for both the GBP and JPY.

Joshua Gibson FXStreet

The GBP/JPY is trying to hang onto territory just north of the 182.00 handle, scrambling for a foothold near 182.25 after reaching a Friday peak of 183.00 on UK data beats.

The UK chalked in a forecast-beating print for its Gross Domestic Product (GDP) on Friday. UK GDP came in at an annualized 0.6% for the second quarter, above the expected 0.4%.

The GDP beat gave the Pound Sterling (GBP) a lift to Friday's high of 183.02, but a reversal in broad-market risk appetite took the Guppy back into an intraday low near 181.90.

The Japanese Tokyo Consumer Price Index (CPI) for September came in under the previous reading, reaffirming a continued slowdown in Japanese inflation. Japan's Tokyo CPI printed at an annualized 2.8% versus the previous 2.9%. Tokyo Core CPI (inflation excluding food prices) declined faster than expected, printing at 2.5%. Markets forecast a decline to 2.6% versus the previous 2.8%.

Japan's Unemployment Rate also missed the mark, holding steady at 2.7% and flubbing the market forecast decline to 2.6%.

GBP/JPY technical outlook

The GBP/JPY is struggling to keep itself above the 200-hour Simple Moving Average (SMA) currently marked in at the 182.00 handle, and intraday action sees the pair getting hung up on the 34-hour hour Exponential Moving Average (EMA).

Daily candlesticks sees the Guppy hung up between the 34-day EMA and the 100-day SMA at 182.93 and 180.68 respectively.

The pair has seen a slow bleed from August's peaks near 186.77, but still remains firmly in bullish trend territory with the 200-day SMA far below price action near 172.00.

GBP/JPY daily chart

GBP/JPY technical levels

GBP/JPY

Overview
Today last price	182.23
Today Daily Change	0.07
Today Daily Change %	0.04
Today daily open	182.16

Trends
Daily SMA20	183.18
Daily SMA50	183.33
Daily SMA100	180.55
Daily SMA200	171.63

Levels
Previous Daily High	182.43
Previous Daily Low	181.06
Previous Weekly High	183.49
Previous Weekly Low	180.82
Previous Monthly High	186.77
Previous Monthly Low	180.46
Daily Fibonacci 38.2%	181.91
Daily Fibonacci 61.8%	181.58
Daily Pivot Point S1	181.34
Daily Pivot Point S2	180.52
Daily Pivot Point S3	179.97
Daily Pivot Point R1	182.7
Daily Pivot Point R2	183.25
Daily Pivot Point R3	184.07

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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