The GBPJPY pair at a price of 180.867 has experienced a decline due to disappointment in the UK labor market report, which did not meet anticipated outcomes.

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• GBP/JPY has fallen back as the UK labor market report has failed to match expectations.

The pair currently trades last at 180.867.

The previous day high was 183.23 while the previous day low was 181.1. The daily 38.2% Fib levels comes at 181.91, expected to provide resistance. Similarly, the daily 61.8% fib level is at 182.42, expected to provide resistance.

The GBP/JPY pair has sensed selling pressure while attempting to hit the immediate resistance of 182.00 in the early London session. The cross has faced a sell-off as the United Kingdom labor market data has missed expectations.

Three-month Unemployment Rate has jumped to 4.0% vs. the consensus and the former release of 3.8%. June’s Claimant Count Change jumped to 25.7K vs. a decline in the number of job-seekers at 22.5K reported last month. Employment figures have missed expectations as firms preferred to dodge credit with higher interest obligations.

Meanwhile, the odds of fat rate hike announcements by the Bank of England (BoE) are still solid amid an absence of deceleration in the labor cost data. Three-month Average Earnings excluding bonuses have maintained a steady pace of 7.3% vs. expectations of 7.1%. Households with higher disposable income could step up overall purchasing ahead and eventually will fuel price pressures.

On Monday, BoE Governor Andrew Bailey conveyed that the central banks observing labor market conditions to bring down inflation to the 2% target. Also, UK FM Jeremy Hunt cited that the administration and the central bank will do whatever is necessary to tame price pressures.

The Japanese Yen has been underpinned against the Pound Sterling amid a solid Taken Survey. Manufacturing activities in the small, medium, and largest enterprises increased tremendously while service activities showed a slower pace. Going forward, Japan’s Producer Price Index (PPI) (June) will be keenly watched. Monthly PPI is expected to show an expansion of 0.1% vs. a contraction of 0.7%.

Technical Levels: Supports and Resistances

GBPJPY currently trading at 181.34 at the time of writing. Pair opened at 181.74 and is trading with a change of -0.22 % .

The pair is trading below its 20 Daily moving average @ 181.87, above its 50 Daily moving average @ 175.96 , above its 100 Daily moving average @ 170.04 and above its 200 Daily moving average @ 166.81

The previous day high was 183.23 while the previous day low was 181.1. The daily 38.2% Fib levels comes at 181.91, expected to provide resistance. Similarly, the daily 61.8% fib level is at 182.42, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 180.82, 179.9, 178.7
• Pivot resistance is noted at 182.94, 184.15, 185.07

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