GBP/JPY Plunges Amid Japan’s Leading Economic Index Reading

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It is a second day when the Great Britain pound (GBP) inched lower against the Japanese yen (JPY) while running a very successful phase over the three months. 

There is the view that it might be happening because of the Japanese leading Economic Index.

According to FX Street economics info, Japan’s Leading Economic Index was improved by 1.2 points in February relative to the month before the index.

The Leading Economic Index shows the Japanese performance over the short and medium-term. It has 12 indices, such as account inventory rates, equipment orders, asset prices, and other leading indicators of the economy.

Moreover, the currency pair with having resistance ahead of price creates another stress and fear of pulling down further. The horizontal resistance stood at 153.43. 

GBPJPY

Whereas the technical bias of the GBP/JPY might remain bullish because the GBP/JPY made the higher high wave in its last upside move.

There is news regarding the Markit Manufacturing Index, which might bring positiveness to the GBP/JPY journey.

The National Statistics plans to release the Markit Manufacturing on April 13, 2021. According to the consensus of economists, it remained -0.8% in February compared to the month before data of -12%.

Manufacturing output is a short-term measure of the intensity of manufacturing activity in the United Kingdom, which accounts for a large portion of total GDP. A high reading for the GBP is positive (or bullish), whereas a low reading is negative (or bearish).

Trade Idea

Considering the price action of the pair over the past few days, buying it around the current levels could yield some profits in short to medium-term trading.

 

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