GBP/JPY Moving Up ahead of UK Inflation Report
The GBP/JPY pair rallied on Wednesday breaking above a resistance level at 194 and a triangle chart pattern. Remaining above the Ichimoku cloud, this could be an indication of further up moves towards our next target at 196.
Coming up on the On the economic calendar, we have the Australian jobs report on Thursday at 2:30 AM GMT and the London session will be filled with data out of the UK with Manufacturing Production at 9:30 AM, BOE Inflation Report at 12 PM and a speech by Governor Carney at 12:45 PM which could give further direction to the British Pound. The much awaited US Unemployment Claims is out at 1:30 PM GMT to warm us up for an even busier Friday.
We will first have the Reserve Bank of Australia (RBA) Monetary Policy Statement at 2:30 AM GMT on Friday followed by Bank of Japan (BOJ) Press Conference (Tentative) and later in the afternoon we will perhaps be seeing the highest volatility of the week with the Non-Farm Employment Change release at 1:30 PM, the same time Canada’s Employment Change is out to end the trading week.
Don't forget to readjust your stops loss orders accordingly to avoid getting kicked out of your long term positions on the forex dance floor.