The Great Britain Pound (GBP) inched lower against the Japanese Yen (JPY) on Monday,  decreasing the price of GBPJPY to more than 148.00 following some major economic releases. The technical bias may remain bullish since the pair’s price marked a lower high in the recent downside move.

GBP/JPY Technical Analysis

Currently, the pair is being traded around 147.23, the price may come across support around 142.26, the trendline support. Another support level may come around 138.24, the trendline support ahead of 122.75 the low of October 07, 2016 as demonstrated in the given below chart.

On the upside, a resistance can be witnessed around 155.73, the major horizontal resistance ahead of 163.42, the 61.8% Fib level resistance and then comes 188.36, the high of November 15, 2015, as demonstrated in the given above chart. The technical bias shall remain bullish unless 142.59, the confluence of a trendline and horizontal support level remains intact.

 ADP Employment Change In the United States News

The employment change rate in the US remained 163K in August, as compared to 217K during the month before, up beating the economist expectation which was only 190K, the data is taken from the news released by Automatic Data Processing Inc.

The organization measures the number of people remained employed over a due course of time. Generally speaking, a positive reading in the employment data rate is considered as bullish for the US Dollar (USD) and vice versa.

Trade Idea

Considering the overall price behavior of the pair over the last couple of days, buying the GBPJPY around current levels can be a good decision in short to medium term.