GBPJPY trades within a quiet consolidation awaiting manufacturing data from UK.
GBPJPY didn’t hang around too long to print new highs (and go past the initial target) following the previous post. And we now find ourselves in a similar situation; Price continues to create higher highs / lows but within a sideways consolidation.
Moving Averages continue to trade in order and we are now a stone’s throw away 190. It would almost be rude not to hit 190 in the coming session/s.
UK Manufacturing data is out tonight and expected to come in at 0.2% m/m vs 0.4% previous. Anything above 0.3% should see direct gain but if we see 0% or below then we may see a spike down. If anything I would prefer to see the pair spike towards 188 so I can seek bullish setups in line with the clearly bullish trend to target 190 and achieve a higher reward / risk ratio.