Ahead of a significant event in the UK, the GBPJPY currency pair is experiencing an increase in momentum as it surpasses the mid-182.00s level on Friday, currently trading at 182.593.

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• GBP/JPY gains momentum above the mid-182.00s on Friday ahead of the UK key event.

The pair currently trades last at 182.593.

The previous day high was 182.43 while the previous day low was 181.06. The daily 38.2% Fib levels comes at 181.91, expected to provide support. Similarly, the daily 61.8% fib level is at 181.58, expected to provide support.

The GBP/JPY cross holds positive ground for three straight days during the Asian session on Friday. Meanwhile, the cross currently trades near 182.57, gaining 0.22% on the day.

Earlier Friday, the Statistics Bureau of Japan reported that the headline Tokyo Consumer Price Index (CPI) for September eased to 2.8 YoY from 2.9% in the previous reading. Meanwhile, the Tokyo CPI ex Fresh Food, Energy came in at 3.8% YoY from 4.0% in August. Additionally, Tokyo CPI ex Fresh Food eased from 2.8% to 2.5% for the said month compared to analysts’ estimations of 2.6%. Japan’s inflation rate continues to exceed the Bank of Japan’s (BoJ) 2% target, but the central bank is anticipated to keep its ultra-easy monetary policy in place until it is sure that inflation remains above its minimum target.

On Thursday, Finance Minister Shunichi Suzuki reiterated that he won’t rule out any steps to respond to disorderly FX moves. Traders turn cautious amid the fear of intervention as the level of 150.00 would prompt Japanese authorities to intervene as they did last year.

On the UK’s front, market players await the UK’s Gross Domestic Product (GDP) for the second quarter for fresh impetus. The quarterly and yearly growth number is expected to remain at 0.2% and 0.4%, respectively. Following the Bank of England’s surprising pause in its rate-hiking cycle earlier this month, the initial market response to a positive surprise is more likely to remain limited.

Looking ahead, market participants will keep an eye on the UK’s Gross Domestic Product (GDP) for Q2. Traders will take cues from these figures and find trading opportunities around the GBP/JPY cross.

Technical Levels: Supports and Resistances

GBPJPY currently trading at 182.56 at the time of writing. Pair opened at 182.16 and is trading with a change of 0.22 % .

The pair is trading below its 20 Daily moving average @ 183.18, below its 50 Daily moving average @ 183.33 , above its 100 Daily moving average @ 180.55 and above its 200 Daily moving average @ 171.63

The previous day high was 182.43 while the previous day low was 181.06. The daily 38.2% Fib levels comes at 181.91, expected to provide support. Similarly, the daily 61.8% fib level is at 181.58, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 181.34, 180.52, 179.97
• Pivot resistance is noted at 182.7, 183.25, 184.07

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