The GBPJPY pair gains strength at a level of 183.483 following the publication of decent employment figures from the United Kingdom.

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• GBP/JPY strengthens after the release of moderate jobs data from the UK.

The pair currently trades last at 183.483.

The previous day high was 184.28 while the previous day low was 182.68. The daily 38.2% Fib levels comes at 183.29, expected to provide support. Similarly, the daily 61.8% fib level is at 183.67, expected to provide resistance.

GBP/JPY trades higher around 183.70 during the Asian session on Tuesday. The pair is experiencing upward support after the release of employment data from the United Kingdom (UK).

The Office for National Statistics has reported that the ILO Unemployment Rate (3M) for the month of July stood at 4.3%, which is slightly up from the previous reading of 4.2% but in line with market expectations.

However, there were disappointing figures regarding Employment Change for July, which saw a decline of 207,000 jobs compared to a 66,000 decrease in the previous reading. This was worse than the anticipated drop of 185,000 jobs.

On the positive side, Claimant Count Change for August improved to 0.9K, a decrease from the previous 29K figure.

On Monday, Bank of England’s (BoE) policymaker Catherine Mann expressed that it is premature for the central bank to halt its interest rate adjustments. She further emphasized that it is preferable for the central bank to lean toward raising rates too aggressively rather than stopping prematurely. These hawkish remarks from BoE policymakers could potentially support the British Pound (GBP) and provide support for the GBP/JPY pair.

On the opposite side, Bank of Japan’s Governor Kazuo Ueda made a hawkish statement in an interview with the Yomiuri Shimbun newspaper during the weekend. Governor Ueda indicated that the Japanese central bank is edging closer to the possibility of reversing its negative interest rate policy, which contributed support in underpinning the Japanese Yen (JPY).

The policymaker stated that there could be a change in the negative interest rates set by the Japanese central bank through the end of the year. The recent economic data from Japan supports the notion that the Bank of Japan is making progress toward achieving its 2% annual inflation target.

Market players will now observe the monthly UK Gross Domestic Product (MoM) and Manufacturing Production for July due on Wednesday, seeking trading opportunities in the GBP/JPY pair.

Technical Levels: Supports and Resistances

GBPJPY currently trading at 183.68 at the time of writing. Pair opened at 183.31 and is trading with a change of 0.2 % .

The pair is trading below its 20 Daily moving average @ 184.85, above its 50 Daily moving average @ 183.13 , above its 100 Daily moving average @ 178.82 and above its 200 Daily moving average @ 170.53

The previous day high was 184.28 while the previous day low was 182.68. The daily 38.2% Fib levels comes at 183.29, expected to provide support. Similarly, the daily 61.8% fib level is at 183.67, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 182.57, 181.83, 180.98
• Pivot resistance is noted at 184.16, 185.02, 185.75

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